MIAMI, FL – May 16, 2023 – A joint venture between Gencom and GD Holdings, both privately held, internationally recognized owners, developers and managers of hospitality and residential projects, announced today the acquisition of the newly constructed, 192-key St. Regis Chicago, centrally located in the city’s Lakeshore East Loop community of Chicago where the Chicago River meets Lake Michigan.
The 5-star hotel occupies the first 11 floors within the three interconnected towers comprising the luxurious hotel and branded-condominium mixed-use project. The tallest tower at 101 stories is the third highest in the city and is the tallest building designed by a female architect – renowned Jeanne Gang and her architectural firm Studio Gang Architects. In addition to spacious rooms and suites, the hotel features nearly 12,000 square feet of meeting space, including the 5,000-square-foot Astor ballroom, and 7,000 square feet of executive function rooms with magnificent and one-of-a-kind views of the city’s timeless landmarks, including the Magnificent Mile, Navy Pier, Grant and Millennium Parks. Boasting over 21,000 square feet of luxurious amenities including the exquisite St. Regis Spa, state-of-the-art fitness center with yoga and group exercise rooms, rooftop terrace, and indoor swimming pool, all of which are accessible from both the hotel and the 393-residence condominium component.
Chicago-based Magellan Development Group has overseen development of the hotel, which is also part of the Magellan-developed, 28-acre Lakeshore East master development, one of Chicago’s most successful large scale mixed-use and residential developments in the city’s history. As part of the acquisition by Gencom and GD Holdings, Magellan will be retaining an ownership interest in the project.
The acquisition marks the first addition of a St. Regis brand to each of Gencom and GD’s growing hospitality portfolios, which includes distinguished brands such as The Ritz-Carlton, Ritz-Carlton Reserve, Four Seasons Hotels and Resorts, Hyatt, Rosewood, Fairmont, and Auberge Resorts. This also signifies the joint venture’s first entry into Chicago, one of the nation’s top luxury hospitality markets.
“During the pandemic, Gencom saw a unique opportunity to purchase this asset while it was still under construction and strategically arranged to close on the transaction once the property was delivered,” said Gencom’s Chief Investment Officer Alessandro Colantonio, speaking on behalf of the joint venture. “From the onset, we recognized the long-term value of this investment given the strength of the Chicago market and the significance of opening the first luxury hotel downtown in over a decade. Through this acquisition, Gencom and GD also reinforces their relationship with Marriott International, adding yet another high-end hotel brand to each group’s growing hospitality portfolios.”
The St. Regis Hotel will also offer multiple extraordinary dining experiences that will set a new standard for Chicago’s hospitality landscape, encompassing five unique dining venues totaling 580 seats and 38,000 square feet of space. Two of the new restaurant concepts are being led and managed by Lettuce Entertain You Enterprises, Chicago’s acclaimed and largest restaurant company. The first restaurant Miru, located on the 11th floor, is a Japanese concept offering an all-day dining experience from Lettuce Entertain You Chef Hisanobu Osaka. The second restaurant Tre Dita will be a Tuscan steakhouse in collaboration with award-winning, Los Angeles-based Chef Evan Funke, which will open in the Fall of 2023.