—Loews Hotels & Resorts and DRW Trading Group officially broke ground Friday on the $210 million, mixed-use hotel and apartment tower planned at Illinois Street and Park Drive here.
Currently being developed by DRW and designed by the architectural firm Solomon Cordwell Buenz, the 52-story Loews Chicagowill feature 400 guestrooms, including 36 suites, a restaurant, more than 25,000 sq. ft. of meeting space, multiple outdoor terraces, a spa/fitness center and an outdoor rooftop including a pool overlooking the city. The hotel will be part of a 52-story tower comprised of the Loews Chicago Hotel and 398 residential apartments.
Mayor Rahm Emanuel said at the ceremony that hotel use is high in Chicago. “I am pleased to see this hotel rise from the ground, creating hundreds of jobs, and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States,” he said in a statement.
The addition of the Chicago property is part of the Loews’ strategy to add substantially to its portfolio of hotels over the next five years, according to Chairman Jonathan Tisch and CEO Paul Whetsell. The New York City-based company currently owns 19 properties, and continues to seek hotel additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.