Location: Chicago Address: 800 S. Michigan Ave. Rooms: 281 in hotel; 476 units in tower
The Essex Inn was an under-optimized hotel on Michigan Avenue, packaged with an adjacent parcel ripe for development into a multifamily tower. Directly across the street from Grant Park, the two properties offered incredible upside.
An outdated and complex ground lease on the parcel for the tower, and operational inefficiencies in the classic old hotel required creative solutions, comprehensive redevelopment and the right partnerships.
Immediate operational improvements and programming a comprehensive redevelopment for the hotel have elevated its stature and the overall guest experience. Pre-development of the 476-unit, 55-story tower with urban roofscape and comprehensive amenities is primed for the accelerating downtown residential boom.
The Essex Inn is already outperforming revenue projections, with a coming transition to a luxury lifestyle hotel that will make it a true destination property. The Essex Apartment Tower’s pre-development is generating significant buzz.