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Long-Vacant Bank Headquarters Poised for New Life as Hotel
A venture of Chicago-based Neighborhood Hotel paid $14 million late last month for the long-vacant six-story building at 801 W. Madison St., Crain’s Chicago Business reported. The company, which characterizes itself as a cross between Airbnb and traditional inns, plans to spend more than $20 million turning the property into its biggest location to date.
Neighborhood Hotel bought the historic 82,000-square-foot property—landmarked as the former Mid-City Trust & Savings Bank building—from a venture of Monaco-based investors that had owned it since the mid-1980s, reported Crain’s. Plans call for converting the upper floors of the West Loop property into 80 apartment-style hotel units, Neighborhood Hotel CEO Jonathan Gordon told Crain’s.
“The business plan is to offer a well-equipped and designed base camp for travelers to go immerse in a neighborhood, with all the comforts of a vacation rental but the quality of a hotel,” Gordon said.
Image courtesy of Newmark.
- ◦Development
