Owners of Ambassador have decided to remove the building from the real estate market and invest $21 million in a complete renovation of the property.
The hotel, located in the heart of the Gold Coast, was listed on the market for $71 million. However, many potential buyers were unable to find financing from banks and lenders who are tightening requirements for loans.
The owners have decided to take advantage of rising values for hotels in the Chicago area and retain ownership of the property.
The Ambassador East is located at 1301 N. State Parkway, in the heart of the Gold Coast. The hotel is close to many of the best restaurants, nightlife, and downtown landmarks.
Guests can choose from rooms ranging from a 350 square foot deluxe room to the Presidential Suite, a 1,400 square foot penthouse offering a dining room, balcony, and private kitchen.
Plans for the conversion of the hotel into individual condominiums were placed on hold due to the slowdown in the condo market around Chicago. The hotel will undergo a full restoration of the rooms and popular restaurant, the Pump Room Restaurant.
Room rates for hotels in Chicago are up as much as 50 percent across the city. As prices for Chicago Condos peak around the city, many investors are focusing on hotel properties.
Technorati Tags: Ambassador East, Chicago Real Estate News, Chicago Hotels
