The historic Congress Plaza Hotel located at 520 S. Michigan Avenue is looking to be purchased and the new joint investors plan to covert it to condominiums and retail space.
JV Agrees to Buy Congress Plaza Hotel for $275M
A joint venture between two investment firms from New York has agreed to purchase the Congress Plaza Hotel, an 871-room hotel at 520 S. Michigan Ave., for $275 million and plans to convert the property into condos and retail space. The partnership between Halcyon Development and Aimcap is purchasing the 14-story hotel from a venture led by Albert Nasser Shayo.
The partnership selected Capital Real Estate Capital Markets to secure a $225-million financing for the acquisition.
Information from Globe Street
Wikipedia offers a history of the building and the on-going strike protest:
The Congress Plaza Hotel is located across South Michigan Avenue from Grant Park in Chicago. After opening for business in 1893, for the World’s Columbian Exposition, the hotel underwent several expansions and renovations; it now features 850 guest rooms and suites. The hotel is not affiliated with any national chain. It is owned by a Syrian national, Albert Nasser Shayo. Mr. Shayo is Jewish and the hotel’s activities are sometimes reported in the Jewish press. On 15 June 2003, about 130 members of UNITE HERE Local 1 went on strike to protest a proposed seven percent wage cut. As of June, 2008, they continued to picket the hotel in what was then (and may still be) the longest strike ongoing in the United States. Management has not increased its hourly wage offer to meet the norm of other unionized hotels. According to the union, housekeepers in other hotels in the city earn $14.60 an hour. Management has offered $8.83 an hour.