Akara Partners To Break Ground On River North Hotel
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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.