December 28, 2007 – River North will have a new boutique hotel ready for guests by sometime in 2009. The hotel building itself won’t be new, but will actually be a redeveloped Hotel Wacker that currently stands on 111 West Huron Street. Oxford Capital Group has purchased the building for a reported $24 million and plans to cash in on the growing demand for high-end hotel units in the city. The renovated Hotel Wacker could just be another in a rapidly expanding list of hotels that are either currently under construction or set to open soon, but Oxford hopes to stand out from the pack by offering smaller, less costly but no less luxurious rooms to the public. It may be a niche market that not many developers have dipped into yet.
The history of Hotel Wacker dates back to 1926, when the twelve story building was constructed. According to records, the hotel was then designed by Levy and Klein who are credited with the design of some of the area’s more notable theaters. This bit of dramatic flair could work well with the whole boutique hotel theme. In the meantime, you’ll have to be satisfied with watching the progress of some of the much larger hotel condo projects in town like Trump Tower.
If you’re somewhere in between staying at a luxury hotel and buying a luxury condo, you might want to check out the selection of Rent to own condos in Chicago.
[tags]Hotel Wacker, Chicago Condos, Chicago Real Estate[/tags]