Change of Plans for Oriental Theatre Office Conversion
John Murphy called an audible in his redevelopment plans for the offices above the Oriental Theatre. What was originally supposed to be a residential conversion will now become a Cambria Hotel & Suites.
Murphy will convert the Oriental's offices at 32 W Randolph into 198 rooms, reports Crain's. This will mark Cambria's entry into the Chicago market. Murphy's change of heart stemmed from the growing downtown apartment inventory, both on hand and in the pipeline.
The change in plans should still bode well for Murphy, who bought the building in October 2013. The hotel will be in the heart of the CBD, steps from public transportation, City Hall and the Loop Theatre District. [Crain's]