CHICAGO Langham Hotels and Resorts is launching its third U.S. property in Chicago, flagging a 330-key luxury hotel inside the landmark IBM Building.
The IBM Building, designed by legendary architect Mies van der Rohe, sits along the Chicago River, adjacent to Trump International Hotel & Tower Chicago. The Langham Chicago Hotel will occupy floors two through 13 of the 52-story building and is expected to open in 2012.
“We love the waterfront location and iconic building. We couldn’t be more excited about planting the Langham brand in the heart of downtown Chicago and working with such a great local team,” says David Hennefer, president of Pacific Eagle Holdings, a U.S.-based affiliate of Langham.
Oxford OG Hospitality Chicago LLC, an affiliate of Oxford Capital Group LLC, will lead development of the project. Oxford was previously a minority joint venture partner with LaSalle Hotel Properties in developing the hotel, but LaSalle announced earlier this week that it had sold its 95% stake for US$58.8 million.
“We were approached by many of the leading luxury hotel brands during the last 30 months, but Langham quickly distinguished itself with its dedication and shared vision for this exciting project,” says John Rutledge, president and CEO of Oxford Capital. “We look for winning opportunities, and this was something we could not pass up.”
Guestrooms and suites at the hotel will range from 525 sq. ft. to more than 2,000 sq. ft., and all will feature large five-fixture bathrooms and floor-to-ceiling windows with dramatic views of the Chicago River, Lake Michigan and the Chicago skyline. The hotel will include about 20,000 sq. ft. of function space, including a 5,000-sq.-ft. ballroom. Plans also include a chef-driven restaurant, a wine room, a fitness center, an indoor pool, Langham’s signature Palm Court and a Chuan Spa.
Prime Group Realty Trust owns approximately 1.1 million sq. ft. of office space in the building, along with an adjacent 900-space parking garage. Although the iconic building is known to locals as the IBM Building, the namesake company no longer occupies space there, and it is officially called 330 North Wabash.
“During the past several years, we’ve been dedicated to repositioning Mies’ architectural masterpiece into a modern and dynamic mixed-use property, and having a hotel anchoring the building has been integral to this goal,” says Jeff Patterson, president and CEO of Prime Group Realty Trust. “As Chicago’s newest 5-star hotel, The Langham Chicago Hotel will undoubtedly be a great asset for 330 North Wabash’s tenants, visitors and guests, and we’re proud to have such a well-regarded luxury brand now a part of this high profile Chicago asset.”
The Langham Chicago Hotel will join Langham Huntington in Pasadena, California, and The Langham Hotel Boston as the only U.S. outposts for Hong Kong-based Langham Hotels International.
