Emptiness deepens at local hotels
http://www.chicagobusiness.com/cgi-bin/article.pl?articleId=32050
Emptiness deepens at local hotels
By: Thomas A. Corfman June 08, 2009
The downturn in the local hotel market is accelerating, confirming fears of a nose dive worse than in the aftermath of the 2001 terrorist attacks.
As the market worsens, negotiations have abruptly stalled between boutique hotel firm Kimpton Group Holding LLC and developer Magellan Development Group LLC for a hotel in the 82-story Aqua tower at 225 N. Columbus Drive, sources say, a little more than a week after an executive with San Francisco-based Kimpton said the two sides were "close"(Crain's, May 25).