Tag: OverexpansionView All Tags
Chicago’s newest Hyatt Place Hotel may have some cranky neighbors. And, lots of them. Let us explain: According to Chicago Real Estate Daily, OTO Development plunked down $3.7 million on a piece of land at 28 North Franklin Street, and has big plans for the space. How big? Eighteen stories and 206 rooms. But, there are some red flags surrounding these plans (cue the dramatic music.)
The projected Hyatt Place property would be the first Chicago venture from OTO Development. But it’s not the first project planned for the West-Loop spot. In 2007, an investor group had plans to build a 24-story hotel there, and gave up the ghost after the recession. And though the bleakest days are over (knock wood), there may be an entirely separate issue now: an over-flooded hotel market, and too many plans to build.
A Hyatt Place opened in River North just last year, as you may recall. Furthermore: another Hyatt is scheduled to open just three blocks away from the Franklin-Street spot soon. And Hyatt’s not the only brand that has designs on Chicago: The Kinzie and The Godfrey are both slated to open next month and Le Méridien, the Virgin Hotel, SoHo House, and Hotel Indigo area all coming soon. We love Chicago and we love new hotels so surely, we can find a way to make this work, yes?
[Photo: Hyatt Place/HotelChatter]