Can Chicago Support 2,200 Hotel Rooms?
You could hotel room hop every night for six years and still not get through all of this year’s new supply, Curbed reports. (Based on a Crain’s figure.) But the pipeline’s not slowing after Loews and Virgin. ’16 and ’17 openings will include Wanda Vista (pictured), the Viceroy, Conrad and Marriott Marquis at McCormick Place.
Financing’s stayed in hotel developers' favor, especially with historic tax credits often an option in the CBD, but such a competitive landscape means due diligence and big contingencies are more important than ever. The upside to all this supply is it’ll help with Choose Chicago’s ambitious goal: 55 million visitors by 2020.