CHICAGO-A joint venture headed by New York-based Virgin Hotels has purchased an East Loop office building for $14.8 million with plans to convert it into a 250-room hotel. The 27-story, 186,000-square-foot office tower was sold by Chicago-based Urban Street Group LLC.
Urban Street Group assumed control over the property in May 2010. Virgin Hotels has partnered with John Buck Co. Chicago to redevelop the property. The company is expecting to open the new hotel in fall 2013. For the full story, go to Crain's Chicago Business .
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