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Akara Partners To Break Ground On River North Hotel

Chicago Hotel
The Home2 Suites Hotel in River North is expected to open in Q1 2019.

There is little shortage of hotels in River North, but Akara Partners believes it has found a hole in the market. Akara is partnering with Mortenson Construction to develop a $67M extended-stay hotel in the neighborhood.

An Oct. 5 groundbreaking will begin a 17-story, 206-room Home2 Suites by Hilton hotel at 110 West Huron. Akara Partners CEO Rajen Shastri said extended-stay hotels are undersupplied in River North's hotel inventory, and sought out Mortenson — which has developed over $600M in hotels across the country the past five years — for the project.

Akara and Mortenson are targeting a Q1 2019 delivery. This is the second Home2 Suites under construction in a downtown-adjacent market. First Hospitality Group and McHugh Construction are building a Home2 Suites as part of a tri-branded Hilton hotel project near McCormick Place.