Le mie ricette per la real estate communityThe Carlton Group, as exclusive advisor, is pleased to offer for sale the Congress Plaza Hotel & Convention Center in Downtown Chicago (the “Hotel”). This approximately 640,000 square foot, 871-key hotel has been a Chicago landmark since 1893, having hosted U.S. Presidents, numerous notable events, and many generations of guests.
The Hotel presents a fee simple acquisition opportunity that is being offered unencumbered by any management or franchise agreements. The Hotel can also be converted as-of-right to residential use.
Located in the heart of downtown Chicago, with its front entrance opposite Grant Park and unobstructed views of Buckingham Fountain and Lake Michigan, the Hotel is within walking distance from the city’s top attractions, cultural centers, shopping and restaurants.
The Hotel occupies a full block front on Michigan Avenue and half a city block, bordered by Roosevelt University to the north and the Museum of Contemporary Photography to the south on Michigan Avenue.
Key attributes of the Hotel which will facilitate potential business plans and alternative uses (residential, retail, etc.) include:
· The Hotel is not encumbered by a hotel management contract (and is not affiliated with any hotel brands for marketing purposes) .
· A large percentage of the rooms have water views of Lake Michigan.
· The Hotel is suitable for alternative uses including residential rentals and/or condominiums as the property has two towers with their own elevators, which more easily facilitates multiple uses if so desired.
· The Hotel has 400 feet of street level retail which is ripe for redevelopment and expansion.
· There is significant back-of-house space and an abundance of large and small event spaces.
· The rooftop is approved for a potential restaurant / bar venue with spectacular views of the parks and Lake Michigan.
· The Hotel is located adjacent to Grant Park and the Magnificent Mile and just minutes from Lake Shore Drive.
In sum, the sale of the Congress Plaza Hotel presents a significant opportunity to reinvent and redefine this asset which has been owned by current ownership since 1987 and sits within what has become one of the highest traffic neighborhoods in the Windy City.
Source : Company