The Carlton Group, as exclusive advisor, is pleased to offer for sale the Congress Plaza Hotel & Convention Center in Downtown Chicago (the “Hotel”). This approximately 1 million square foot, 871-key (1,000 room) hotel has been a Chicago landmark since 1893, having hosted U.S. Presidents, numerous notable events, and many generations of guests.
The Hotel presents a fee simple acquisition opportunity that is being offered unencumbered by any management or franchise agreements.
Located in the heart of downtown Chicago, with its front entrance opposite Grant Park and unobstructed views of Buckingham Fountain and Lake Michigan, the Hotel is within walking distance from the city’s top attractions, cultural centers, shopping and restaurants. The Hotel occupies a full blockfront on Michigan Avenue and half a city block, bordered by Roosevelt University to the north and the Museum of Contemporary Photography to the south on Michigan Avenue. The Hotel sits in one of the most vibrant, exhilarating gateways to Chicago’s cultural events happening in Grant & Millennium Parks including Lollapalooza, Pokemon GO Fest, Taste of Chicago, Jazz and Blues Festivals, and park attractions such as the popular Cloud Gate, a.k.a “the Bean,” sculpture.
Key attributes of the Hotel which will facilitate potential business plans and alternative uses (residential, retail, etc.) include:
- The Hotel is not encumbered by a hotel management contract (and is not affiliated with any hotel brands for marketing purposes) .
- A large percentage of the rooms have water views of Lake Michigan.
- The Hotel is suitable for alternative uses including residential rentals and/or condominiums as the property has two towers with their own elevators, which more easily facilitates multiple uses if so desired.
- The Hotel has tremendous street level retail which is ripe for redevelopment and expansion.
- There is significant back-of-house space and an abundance of large and small event spaces.
- The rooftop is approved for a potential restaurant / bar venue with spectacular views of the parks and Lake Michigan.
- The Hotel is located adjacent to Grant Park and the Magnificent Mile and just minutes from Lake Shore Drive.
In sum, the sale of the Congress Plaza Hotel presents a significant opportunity to reinvent and redefine this asset which has been owned by current ownership since 1987 and sits within what has become one of the highest traffic neighborhoods in the Windy City.
Vandon Forbes of Chicago will be assisting and cooperating with Carlton locally on this transaction.
For further information please contact the undersigned.