CHICAGO, June 30, 1999 -It was announced today that negotiations
have been concluded and contracts signed to develop The Peninsula Chicago.
Construction of the luxury hotel is scheduled to commence in July, with
completion expected in March 2001. The joint venture partners in the project
are The Hongkong and Shanghai Hotels, Ltd (HSH), which owns and manages
The Peninsula hotels, and a partnership of Thomas J. Klutznick Co. and
Himmel and Co.
Financing for the 18-story tower is being provided by HSBC Bank U.S.A.,
a principal member of HSBC. The Hon. Michael D. Kadoorie, chairman
of HSH, commented: �The Peninsula Chicago represents a continuation of
our strategic expansion in the U.S. market and will create synergy with
The Peninsula New York, The Peninsula Beverly Hills and Quail Lodge Resort
Golf Club in Carmel. We plan to make this the premier hotel in the Chicago
market.
�The move complements our global growth plans, which this year have
been marked by the formal launch of The Peninsula Bangkok.�
Speaking on behalf of his company, Thomas J. Klutznick said: �The creation
of The Peninsula Chicago will bring a new elegance to Chicago�s North Michigan
Avenue as well as a new level of distinction to the city�s luxury hotel
market. It will be a magnificent property and a very special experience
for its guests and clientele.�
The Peninsula Chicago will be built above the existing 730 North Michigan
Ave. retail complex that houses Polo Ralph Lauren, Tiffany Co., Banana
Republic, Pottery Barn, American Girl Place and CompUSA. The entrance to
the hotel will be located on Superior Street and will be connected by elevators
to the fourth floor lobby level. The property�s facilities will include
336 guestrooms and suites, all meeting Peninsula�s exacting standards and
featuring the hotel group�s proprietary guest-comfort technology in-room
service. Underpinning a superior product will be the quality service for
which The Peninsula Group is noted. The Peninsula Chicago will incorporate
distinctive elements unique to the Chicago market, including a glass-enclosed
ballroom with floor-to-ceiling windows and seating for 380; an open-air
terrace above Michigan Avenue for private functions and in-season public
dining; a roof-top spa and health club with an indoor pool; and a range
of suites including the Peninsula Suite, which will have a private terrace.
The Peninsula Chicago
Fact Sheet
Joint Venture Partners
The Hongkong and Shanghai Hotels, Limited is a Hong Kong-based
publicly listed corporation and one of the oldest Hang Seng Index constituent
stocks. Its principal business is the ownership and management of
prestigious hotels, commercial and residential properties in key
international centers. The company�s business interests are spread
throughout Asia, Australia and the U.S.A.
Thomas J. Klutznick Company is a privately held, real estate
investment
and development firm with offices in Chicago and Denver. The principal
of the company, Thomas J. Klutznick, has been responsible for the
development of more than 30 million square feet of office, retail,
hotel, resort and residential property throughout the United States.
Chicago�s Water Tower Place and 730 N. Michigan Ave. and Boston�s Copley
Place are notable examples. Klutznick has been involved in the
development and operation of 10 hotels, including the Ritz-Carlton
in
Chicago, The Little Nell in Aspen, Colorado, and The Inn at Spanish
Bay in Pebble Creek, California. Klutznick is a former owner of Aspen Skiing
Co. in Colorado and Pebble Beach Co. in California. Currently he is a partner
in Desert Ridge, a 5,700-acre, master-planned community under development
in Phoenix.
Himmel and Company, whose president is Kenneth A. Himmel, is
a
Boston-based firm recognized as one of the nation�s leading mixed-use
project developers. Since 1974, Himmel and Klutznick have collaborated
on many projects including 730 North Michigan Ave. and Water Tower Place
in Chicago; Pacific Place in Seattle; and Copley Place in Boston.
Today, Himmel is president and chief executive officer of the Palladium
Company, a joint venture with The Related Companies, a New York-based
real estate company. Palladium is currently developing seven
entertainment-enhanced retail projects in U.S. urban locations as well
as New York City�s Columbus Center, a landmark mixed-use project of
2.7 million square feet.
Principal Consultants and Suppliers
Architect
Elkus/Manfredi Architects Ltd.
(Boston, Massachusetts)
Interior Designer
Babey Moulton Jue Booth
(San Francisco, California)
General Contractor
Morse Diesel International, Inc.
(Chicago, Illinois)
Landscape Architect
Office of Dan Kiley
(Charlotte, Vermont)
Structural Engineer
TT-CBM Engineers
(Chicago, Illinois)
Purchasing Agents
Purchasing Associates
(New York, New York) |
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