Expansion planned for Loop hotel
172 W. Adams St. Photo by Erik Unger
The new owner of the W Chicago City Center plans an expansion of the Loop hotel that will add about 35 rooms to its current 368. Chesapeake Lodging Trust, which paid $129 million last May for the hotel at 172 W. Adams St., expects to spend roughly $7 million on the expansion if it moves forward with the project, Chesapeake CEO James Francis told stock analysts on a conference call earlier this month, according to a transcript. Annapolis, Md.-based Chesapeake would build out the 21st and 22nd floors of the building, which are currently open, he said. “I think it's going to be a very good use of our capital and generate strong incremental returns,” he said. The hotel's revenue per available room, a measure that accounts for both occupancy and room rate, rose 10 percent last year, “and 2012 looks even stronger with a strong citywide convention calendar and group business on our books,” he said. Chesapeake executives did not immediately return phone calls Tuesday morning. Premium content: Chesapeake Lodging to buy downtown Chicago W hotel
Call-center lease in Oak Brook
Check-cashing chain PLS Financial Services Inc. leased just under 47,000 square feet for a call center in west suburban Oak Brook. Chicago-based PLS signed a long-term deal for the space at 800 Jorie Blvd., part of a two-building complex controlled by a lender. The center should open by August, says Ken Crane, PLS' vice president-real estate, who says it's a consolidation of satellite locations and represents an expansion. With the deal, 800-810 Jorie, which totals about 194,000 square feet, is about 70 percent leased, according to figures provided by Jim Adler, an executive vice president at NAI Hiffman, which leases and manages the property. Mark Kolar of Jones Lang LaSalle Inc. represented PLS, which has locations in nine states and has more than 3,000 employees, according to its website.
227 E. Walton St.
Final step near to landmark Motor Club, Weese building
The Commission on Chicago Landmarks is slated to consider final proposals to assign landmark status to the Chicago Motor Club Building in the East Loop and a 13-story condominium building in Streeterville designed by Harry Weese. The two proposals are on the agenda for the commission's meeting Thursday afternoon. The Motor Club Building, a vacant 17-story Art Deco tower at 68 E. Wacker Place, is controlled by Chicago-based Aries Capital LLC, which took over the property through a bankruptcy auction last June. Completed in 1956, the Weese building at 227 E. Walton St. represents the architect's effort to rebel against the glass-and-steel modernist fashions at the time. Related story: Landmarking sought for Harry Weese building in Streeterville
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