CHICAGOLoews Hotels & Resorts announced Tuesday that it plans to open a new hotel here just north of the Chicago River, east of North Michigan Avenue.

The hotel will be part of a 52-story tower comprised of the Loews Chicago Hotel and 390 luxury residential apartments. The hotel portion will feature 400 guestrooms, including 36 suites, a restaurant, more than 25,000 sq. ft. of innovative meeting space, multiple outdoor terraces for guest and function uses, spa/fitness center and an outdoor rooftop including a pool overlooking the city. The hotel is slated to open in January 2015.

“This Chicago property promises to deliver a unique experience for our guests as we expand and grow our brand,” said Jonathan Tisch, chairman of Loews Hotels & Resorts, in a statement. “The location, amenities and services will surpass expectations, making the Loews Chicago Hotel one of the most sought after hotels in the area.”

Locally based DRW Trading Group is developing the property, which is being designed by the architectural firm Solomon Cordwell Buenz.

Paul Whetsell, president and CEO, said the company continues to seek hotel additions in gateway cities and resort destinations, and anticipates announcing additional Loews properties in the coming months. “Loews Chicago and (and the recently announced) Cabana Bay Beach Resort further highlight our goal of working with proven investors and partners as we seek to continue operating distinct properties in key markets,” he said in the statement. “These new developments are important steps in our plan to expand Loews in major cities across North America.”