—The Metropolitan Pier and Exposition Authority has announced that it will build a $400 million, 1,200-room hotel connected to the McCormick Place convention center here.
According to the authority, the newwill provide the facilities and amenities required to serve as the headquarters for groups holding shows at McCormick Place and play a major role in revitalization of the neighborhood surrounding the convention center. The authority owns the 2.6-million-sq.-ft. convention center, as well as the adjoining Hyatt Regency McCormick Place Hotel, and the Navy Pier attraction center downtown.
The new hotel will be located near the intersection of Michigan Avenue and Cermak Road. The front of the hotel will be located on Michigan Avenue. The other side of the hotel will be on Indiana Avenue directly across from the West Building. A sky bridge is planned to connect the hotel to the West Building. The new hotel will feature 60 suites, a 400-seat restaurant and a Grand and Junior Ballroom. A new Chicago Transit Authority (CTA) Green Line station will be built nearby.
The authority said in a statement Tuesday that it will use revenue-based financing during thephase and at a later date will seek to add the financing of this property, along with its other facilities, into its Expansion project debt structure. This will then allow for the additional income generated by the second hotel property to be used aggressively to grow the convention and meetings business in Chicago, the authority said.
“Building a headquarters hotel connected to McCormick Place is a major step in taking Chicago’s convention and meeting business to the next level,” said Jim Reilly, CEO of the authority, in the statement. “Hundreds of additional nearby hotel rooms will strengthen our competitive edge and attract new business to Chicago. The hotel also will be a catalyst for revitalizing the convention center’s neighborhood.”