Navy Pier is getting its first-ever hotel.
Navy Pier and Mayor Rahm Emanuel announced the new project on Sunday, detailing plans to build a hotel on the east end of the iconic Streeterville landmark near Festival Hall.
The hotel will have five floors, more than 200 guest rooms, and will overlook Lake Michigan and the pier's South Dock, according to a release.
“As we continue to reimagine the Pier for its centennial and beyond, we are thrilled with the prospect of a hotel to further enhance the Navy Pier experience,” Navy Pier President and CEO Marilynn Gardner said in a statement. “The hotel will provide a unique place to stay in Chicago year round – not to mention breathtaking and unparalleled views of the Pier, lake and city.”
Construction will begin on the hotel in 2017, and is expected to create 300 construction jobs and 200 permanent jobs, the release said.
First Hospitality Group will oversee the development, which will be designed by architect Jackie Koo, who has designed several other properties including the Wit hotel. The project will cost an estimated $90 million, and is privately financed, according to the release.
The hotel is part of the multi-million dollar "Centennial Vision" redevelopment project for Navy Pier approved in 2013, aimed at drawing more tourists and trade shows to Chicago.
The project also includes the new, taller Ferris wheel that opens to the public on May 27, kicking off Navy Pier's centennial celebration.