Boutique Hotel Planned For Chicago Athletic Association
The C.A.A. purchase to be completed July 20, the Chicago Tribune reported.
Two Chicago corporations plan to purchase and convert the Chicago Athletic Association building at 12 S. Michigan into a luxury boutique hotel.
John Pritzker, son of the late Hyatt Hotels Corp. founder Jay Pritzker, and investment company AJ Capital Partners agreed to buy the Chicago landmark for $13 million according to the Chicago Tribune
The partners plan to spend $20 million to convert the historic South Michigan Avenue building into a 240-260 room hotel scheduled to open in early 2014. The hotel will operate as a Thompson Hotels property, a brand owned by Commune Hotels & Resorts.
The founder of Chicago-based AJ Capital told the Tribune that Dallas-based Lone Star Funds is scheduled to complete the purchase of the Chicago Athletic Association building by the end of the day July 20.