CHICAGO-AJ Capital Partners LLC has partnered with John Pritzker to transform the old Chicago Athletic Association building into a hotel with 240 to 260 rooms. A joint venture between Pritzker's San Francisco-based Geolo Capital and AJ Capital is purchasing the building at 71 E. Madison St. and 12 S. Michigan Ave. for $13 million from Dallas-based Lone Star Funds.
The total investment for the project will be about $60 million. The project is expected to be completed in early spring 2014. For the full story, go to Crain's Chicago Business .
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