Virgin Hotels, a four-star hotel chain, declared that it has bought the downtown Chicago located Old Dearborn Bank Building through a cash transaction. The hotel chain has plans to renovate the building that was previously functioning as an office, into a new hotel with the name Virgin Hotel Chicago, during the fall of 2013.
Virgin Hotels, a New four-star lifestyle hotel brand. Credit: Businesswire
The 27-storey tall Art Deco construction, a familiar building in Chicago was designed by C.W. and George L. Rapp Architects and constructed in 1928. Virgin Hotels intends to restore and recreate the existing architectural and historical features of the construction. The property located at the corner of Wabash and Lake, at 203 N. Wabash Avenue, in the heart of Chicago, when fully renovated will have lounges, restaurants, meeting spaces and 250 guest rooms and other unrestricted areas depicting the functional legacy and style of Virgin brand. The hotel chain has chosen the John Buck Company, a business with a mix of local knowledge and global outlook and good execution capabilities to carry out the required redevelopments for the Dearborn Bank Building.
The Virgin Hotels chain was launched in 2010 with an idea to develop and operate hotels at gateway cities with 150 to 400 rooms, public spaces and restaurants. Currently, the hotel chain is actively engaged in building new hotels or converting existing offices or hotel properties in gateway cities such as London, Washington DC, San Francisco, New York, Miami and Los Angeles.
Source: http://www.virginhotels.com/