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Read more about the drivers behind, and benefits of, Chicago's CBD renovation projects, and see what properties you'll want to keep an eye on in 2016.
Struggling with a deteriorating, dated 25-story office building in need of a major renovation, the American Dental Association (ADA), owners of 211 East Chicago Avenue, tapped JLL to reinvigorate the asset.
Owned by a partnership including AJ Capital Partners, Geolo Capital and Agman Partners, the CAA features 241 hotel rooms; the property is operated by Commune Hotels & Resorts. Totaling 225,000 SF, CAA includes multiple meeting and event spaces, retail and food and beverage outlets.
"More developers have started to leverage adaptive reuse over the past three years, and we've seen some really creative conversions across the U.S., often from vacant or underutilized office buildings to full-service, lifestyle and select-service hotels," said Lauro Ferroni, senior vice president at JLL's Hotels & Hospitality Group in the U.S.