Operating performance is up and there’s hope for the future, but some hotels in
• The three-year-old InterContinental Chicago O’Hare is the poster child for
The developers, led by Chicago-based Harp Group, were forced to file bankruptcy just a year after opening. Until recently, the developers battled with lenders and the bankruptcy court over a reorganization plan. In July, the court ordered the property turned over to the lenders.
• One of the hotels that closed during the downturn may see new life in an alternative use. The Sheraton Chicago Northwest closed in late 2009 and was recently purchased for $7.7 million by Argent Realty, which plans to convert the 426-room hotel into a multi-phase mixed-use project anchored by 200 to 250 luxury apartment units.