| Oxford Capital’s plan to restart construction of the stalled 216-room mid-market hotel at 127 W Huron St and reprogram it as an upscale hotel means that by next summer this eyesore will tranform into a cutting-edge building. The project also points to the strengths of Chicago’s hotel market. PKF VP Mark Eble says that the location is great; the area is hot, filled with nightlilfe, residential, retail, and other hotels. Oxford’s decision to go upmarket conforms with PKF’s latest Chicago research. In ’11, higher-priced hotels outperformed the lower-priced ones. Overall, Chicago hotels had a RevPAR gain of 8.8%, compared with 8.2% for the US as a whole. This year, PKF expects the city’s RevPAR to grow 8.3%. |
HOTELS ARE HOT
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