of Chicago; Planning A Multi-million-dollar Renovation and a New Name
CHICAGO—(July 10, 2006)—WexTrust Capital, through its affiliate Gold Coast Investors, LLC, has acquired the former 221-room Days Inn in the Lincoln Park neighborhood of Chicago from 1800 N. Lincoln, LLC for an undisclosed price. The hotel has disassociated with the Days Inn brand, and, for the balance of 2006 travel season, the property will be operated as the Gold Coast Hotel. Following an extensive multi-million-dollar renovation scheduled to begin later this year, the hotel will re-open in the spring of 2007 with a new name and be operated as an independent boutique lodging destination with the goal of creating an experience of comfortable sophistication for both hotel guests and neighborhood residents. Once complete, the hotel will include 196 fully-appointed guest rooms, a completely reconfigured lobby-lounge area, approximately 2,000 square-feet of meeting space, a fully-equipped fitness center, independently operated spa services, and a new restaurant concept befitting the Lincoln Park lifestyle. Interior design and architectural services are being overseen by Chicago-based Gettys Group. The hotel will be managed by Portfolio Hotels & Resorts.
“This was an under-utilized hotel in a prime location that we felt offered an excellent redevelopment opportunity,” states Michael Kochevar, senior vice president of acquisition and development at WexTrust Capital, speaking on behalf of ownership. “We look forward to transforming this property and making it a premier location for tourist and business travelers alike as well as remembering that this is an important asset for the Lincoln Park neighborhood.”
Edward L. Dushman, vice president of WexTrust’s retail leasing division, continues, “We have been approached by many high profile restaurateurs inquiring about our plans for the lobby-level lounge and restaurant area which certainly did not surprise us at all. When you consider our location, the property is at the nexus of the Gold Coast, Lincoln Park and Old Town.”
Conveniently located in Chicago’s trendy Lincoln Park neighborhood at 1816 North Clark Street, the Gold Coast Hotel is within walking distance to the Lincoln Park Zoo, the Chicago Historical Society, Wrigley Field, area beaches, restaurants and shopping. For reservations or information visit www.thegoldcoasthotel.com or call 312-664-3040.
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|Also See:||The Harp Group in Partnership with Mid-America Development Partners and AMC Delancey Group, Inc.Acquire the Holiday Inn Select in Naperville, Ill. for $31.5 million / May 2006|
|InterContinental Hotels Group Opens Second Hotel Indigo - Chicago-Gold Coast / May 2005|