CHICAGO | InterContinental North Tower | 850 FT / 259 M | 71 FLOORS | PRO - Page 14

Norsider · #**261** Posted **Aug 12, 2007, 6:06 AM**

Quote:

Originally Posted by kenc

I don't live in Chicago.....but I have beeen in the Hotel business for 20 years and the info I am getting is that the Hotel Biz is greatly overbuilt in Chicago, as well as the high end condo market. Not just Chicago...but a lot of markets. I doubt if this project will break ground for some years. Just too much product in too short of time.

That's not what Jones Lang LaSalle has been saying lately...

Eventually...Chicago · #**262** Posted **Aug 12, 2007, 3:01 PM**

Yeah and considering that hotel room vacancies continue to be very low and prices going higher...

i think someone was posting just to rile a bit of a reaction.

nomarandlee · #**263** Posted **Aug 12, 2007, 3:22 PM**

Maybe its naive or stems from a fundemental lack of the industry somehow but I would tend to think that huge hotel conglomerates at prime locations with long term growth strategies would be less deterred then other operators or developers. But I could be wrong.

trvlr70 · #**264** Posted **Aug 14, 2007, 5:12 PM**

The fact that hotel occupancy rates and so high actually works against this tower proposal. Right now, Strategic is simply making to much money with this property as is. If the hotel market slows down a bit, then Strategic would be more inclined to demo the Forum Hotel addition, thus reducing the number of hotel rooms available in the process of building the new tower.

aaron38 · #**265** Posted **Aug 14, 2007, 7:35 PM**

^^^ Since Strategic will be operating the new hotel in Aqua, I wonder if the opening of that hotel will play any part in this proposal? I would think an operator would be much more likely to go from 2 to 1, than from 1 to 0...

BorisMolotov · #**266** Posted **Aug 14, 2007, 8:49 PM**

I see what your saying. Using the Aqua hotel to make up the lost money while they demo and build the new tower. So maybe thats when we'll see this one go up.

chicubs111 · #**267** Posted **Oct 4, 2007, 11:55 PM**

Does anyone know whats going on with the Interconitintal hotel tower?....I hope they go ahead with this before the market gets too saturated.

Rocket1 · #**268** Posted **Dec 7, 2007, 4:16 AM**

Quote:

Originally Posted by Alliance

ARGH.

Intercontinental said that this project would not be considered until the hotel market slowed. Since that has not yet happened, this project is not yet off the back burner.

The irrational and unfounded panic in this forum continues to spread.

Hey.

I'm not guilty of "irrational and unfounded panic" -- I was just wondering why this project has been so quiet for months and months.

Chicago Shawn · #**269** Posted **Dec 7, 2007, 7:27 AM**

Quote:

Originally Posted by Rocket1

Hey.

I'm not guilty of "irrational and unfounded panic" -- I was just wondering why this project has been so quiet for months and months.

Its on the backburner for a couple of reasons, one the hotel market right now is hot, hot, hot. This project would effectively reduce the number of hotel rooms, as a large part of the tower will be residential use. So it was a smart move by the hotel managment to siphon off some of that demand right now in the ugly, but very profitable annex building. Then, when the new hotels U/C hit the market over the next couple of years, the time will be right to rip this puppy down and erect the new tower. The condo market may be in better shape then as well. This project is still very much alive, I can assure you that.

Beck4ABigChicago · #**270** Posted **Dec 7, 2007, 9:52 AM**

I don't have any empirical numbers, etc, about vacancy rates etc, but here is a little story. My buddy, a consultant from manhattan, is/has been working in Chicago over the last two months. Flies in on Monday, leaves for NYC Thursday evenings...over and over again :-) Anyhow, for the past 4 weeks he has not been able to find a hotel in the city for under on average about $450. In fact, about 4 weeks ago there was not single room in the city...he HAD to stay in LISLE Illinois, 30 miles west.

His statement to me, in that slightly arrogant NY manner :-) "One thing I can say for Chicago, its hotel prices sure blow the roof off what we have in New York." For some reason, this impressed him. Anyhow, last week, Marriott Courtyard, 4 night, $1975...the hotel business is good.

P.S. He stayed in town the other weekend at the James Hotel and said that of all the places he has ever stayed in his career as a consultant, The James ranked in the top 2, if not #1. Just interesting I thought.

Rocket1 · #**271** Posted **Dec 7, 2007, 10:11 AM**

Quote:

Originally Posted by Chicago Shawn

Its on the backburner for a couple of reasons, one the hotel market right now is hot, hot, hot. This project would effectively reduce the number of hotel rooms, as a large part of the tower will be residential use. So it was a smart move by the hotel managment to siphon off some of that demand right now in the ugly, but very profitable annex building. Then, when the new hotels U/C hit the market over the next couple of years, the time will be right to rip this puppy down and erect the new tower. The condo market may be in better shape then as well. This project is still very much alive, I can assure you that.

That certainly makes a lot of sense.

Though sometimes I wonder with these projects why the combination hotel & condo idea, ala Trump and Waterview, is so popular nowadays.

If the hotel business is as good as it seems to be, I would think it might make a lot of sense to build a hotel-only north tower with 250 or 300 rooms (instead of the 150 hotel rooms and 350 condos in this proposal), and thereby reap in the profits from the extra hotel rooms indefinitely into the future.

Rather than go for a one-time profit on the sale of the condos in a hotel & condo building.

the urban politician · #**272** Posted **Dec 7, 2007, 3:29 PM**

Quote:

Originally Posted by Beck4ABigChicago

I don't have any empirical numbers, etc, about vacancy rates etc, but here is a little story. My buddy, a consultant from manhattan, is/has been working in Chicago over the last two months. Flies in on Monday, leaves for NYC Thursday evenings...over and over again :-) Anyhow, for the past 4 weeks he has not been able to find a hotel in the city for under on average about $450. In fact, about 4 weeks ago there was not single room in the city...he HAD to stay in LISLE Illinois, 30 miles west.

^ $450/night? Are you kidding me? That's insane. He must be doing some last minute booking or something. Last time I stayed in Chicago (April 2006) I stayed in a Holiday Inn off the Mag Mile for slightly over $100/night. Anyhow, it's good to know that this project is still very active. It's one of my favorite proposed buildings in Chicago right now

10023 · #**273** Posted **Dec 7, 2007, 3:42 PM**

Quote:

Originally Posted by the urban politician

^ $450/night? Are you kidding me? That's insane. He must be doing some last minute booking or something. Last time I stayed in Chicago (April 2006) I stayed in a Holiday Inn off the Mag Mile for slightly over $100/night. Anyhow, it's good to know that this project is still very active. It's one of my favorite proposed buildings in Chicago right now

If it's business travel, that's exactly right. I rarely have a flight or hotel room booked more than 2 or 3 days in advance. Fortunately I don't pay for it out of my own pocket.

ardecila · #**274** Posted **Dec 8, 2007, 6:21 AM**

Vs. $450/night, it would be cheaper for the guy to rent an efficiency for a couple of months.

Beck4ABigChicago · #**275** Posted **Dec 8, 2007, 9:43 AM**

Quote:

Originally Posted by the urban politician

^ $450/night? Are you kidding me? That's insane. He must be doing some last minute booking or something. Last time I stayed in Chicago (April 2006) I stayed in a Holiday Inn off the Mag Mile for slightly over $100/night. Anyhow, it's good to know that this project is still very active. It's one of my favorite proposed buildings in Chicago right now

Yes, he books about 1 wk advance, which is not much time. But the fact remains, he has encountered situations where he could not even find a room in the city (for a reasonable price). The week he stayed in Lisle, Ill, he did so b/c he could not find a room for under $800 a night....of course, he was not willing to stay at the Ohio Inn or Tokyo Hotel, but these are not places that many of us would stay.

Alliance · #**276** Posted **Dec 8, 2007, 2:40 PM**

Hell, for $450 he could have stayed at my place

I would have made him breakfast and everything.

Marcu · #**277** Posted **Dec 8, 2007, 6:15 PM**

^ Should've told him to head up Lincoln

Beck4ABigChicago · #**278** Posted **Dec 8, 2007, 6:38 PM**

Quote:

Originally Posted by Alliance

Hell, for $450 he could have stayed at my place

I would have made him breakfast and everything.

Alliance, I have to admit, you are my favorite poster in all of these forums, thats hysterical. But honestly, my buddy who lives in the GC tried to get him to rent out his 1 bed at 30 E. Huron, said he would give it to him for 1500 for the week, write him a receipt from a receipt book he got at Walgreens.

I suggest the Covent Hotel on Clark:-) apparently that is some sort of halfway house to help reintroduce guys into society....would've been perfect for him.

Chicago_Forever · #**279** Posted **Jan 17, 2008, 12:38 AM**

What about the intercontinental? any chance of that one starting this year?

BVictor1 · #**280** Posted **Jan 17, 2008, 1:46 AM**

Quote:

Originally Posted by Chicago_Forever

What about the intercontinental? any chance of that one starting this year?

Probably not. It hasn't even gone before plan commission yet.