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.