The architectural details in the current building are expected to remain intact.
There will soon be a new luxury spot to stay in the Loop.
Virgin Hotels announced Friday that it has purchased the Old Dearborn Bank Building at Wabash and Lake, and will transform it into a hotel.
The 27-story Art Deco building was first built in 1928 and was formerly used as office space.
The planned hotel is the first development the company has announced in the United States, but other Virgin hotels may open before the Chicago location, according to a news release issued by the company.
Virgin Hotel Chicago will feature 250 guest rooms, meeting spaces, restaurants and lounges, and is scheduled to open in the fall of 2013.
Company officials say the significant historic and architectural features will be restored and recreated in the new space.