chicago-condos Dave on 29 Dec 2007 10:30 pm

Hotel Wacker to receive a facelift

A River North hotel will soon be converted into an upscale boutique hotel in the latest news highlighting a strong hotel industry in Chicago.  Oxford Capital Group LLC has bought the property for $24 million.

The 12-story building is located at 111 West Huron Street in one of the most desirable neighborhoods in the city.  However, the hotel will face competition from several other projects currently underway around downtown Chicago.  There are a total of 12 hotels currently under construction around the city.

Oxford Capital bought the property from BAC Corp, a Chicago based company.  The 90,000 square-foot historic hotel was built in 1926.

It’s the second hotel acquired by Oxford Capital Group in recent years.  The company bought the Hotel Cass, located at 640 North Wabash Ave, in 2006.  The hotel was converted into a Holiday Inn Express.

Hotel room rates are increasing around the city as business and leisure travel to Chicago hits all time highs.  Room occupancy rates are also up.  However, with the addition of so many new properties over the next few months, rates and prices could start to come down around downtown.

Several projects include a mix of luxury hotel rooms and luxury Chicago Condos.

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