Chicago Crain's: Boutique Hotel Planned For Jewelers Row

LINK TO CHICAGO CRAIN'S ARTICLE

Two Chicago developers plan to put a boutique hotel in the heart of Jewelers Row, wagering that the city's hospitality sector will continue its recent growth spurt.

The vision for a 39-room inn comes from a joint venture of local investors Peerless Development and Honore Properties, which last week paid $7.2 million for the five-story Loop landmark at 15-19 S. Wabash Ave., according to a broker for the deal.

The new owners say they have signed a lease with an undisclosed San Francisco-based hotel operator to set up in nearly 24,000 square feet on three floors of the building that's currently vacant loft office space.

If they can get zoning approval from the city to reposition the 136-year-old building—which is a Chicago landmark and listed on the National Register of Historic Places—Peerless and Honore will move ahead with a transformation that they project will cost more than $7 million.

Daniel KnorpsComment