For the renovation, the building was essentially "gutted back to the bare walls, preserving as much of the original historical finish where we could," he says. The building, constructed in 1906, is a Chicago landmark and was the tallest building in Chicago at the time. Anderson/Miller, Ltd. was the hotel designer. "I think we ended up with a product that both preserves the history of that building…and adds a really edgy contemporary feel," Habeeb says. Hampton Inn was chosen for the hotel brand because First Hospitality also operates a Hampton Inn at 33 W. Illinois St. and "we have found that the brand has a great presence and is very well received in Chicago," he says.

The Nederlander Organization had owned the building since 1991 and will retain ownership of the theater, and is a partial owner of the hotel. The hotel project was a joint venture between Rosemont-based First Hospitality Group, Northbrook-based Northern Realty Group and Broadway in Chicago, which is a venture between the Nederlander Organization and Clear Channel Entertainment. "The Nederlander Organization, which operates the theater, initiated the project with Northern Realty a couple of years back because they felt like it was just a great marriage of their theatre business and an operating hotel," Habeeb says.