from this morning's Crain's Chicago Business Journal (9/29):
Reschke plans high-end hotel
By: Alby Gallun September 29, 2008
"Local developer Michael Reschke is drawing up plans for a $95-million, 237-room boutique hotel in the River North neighborhood, six months after launching construction of a 610-room hotel in Chicago's Loop.
Mr. Reschke over the summer signed a contract to buy a site being used as a surface parking lot at 500 N. State St., just south of the Rock Bottom Brewery, and plans to break ground in nine months. Gansevoort Hotel Group, a New York-based boutique chain, has agreed to run the new hotel, says Mr. Reschke, chairman and CEO of Chicago-based Prime Group Inc.
Landing a construction loan in today's frozen financial markets will be a major challenge, and demand for downtown hotel rooms is likely to slip with the economy weakening. In addition, a recent hotel construction boom will add more rooms to the downtown market, increasing competition, especially at the high end where the Gansevoort would compete." ...
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