A new hotel may be headed to Navy Pier.
Navy Pier, Inc. the non-profit organization that maintains Navy Pier, announced plans in a meeting with Streeterville residents this week to seek proposals from real estate firms to create a boutique hotel, according to the Chicago Tribune.
The proposed four-star hotel could cost between $52.5 million and $90 million to develop, according to Steve Haemmerle executive vice president of Navy Pier, Inc.
The hotel, complete with 150-225 rooms, would be built above a two-level structure, but the hotel wouldn't be taller than the Grand Ballroom.
Haemmerle told Crain's Chicago Business that the hotel will create additional activity on the east side of the pier.
The Chicago Plan Commission must approve the hotel before it can be built.
