CHICAGO- The board of directors of the Metropolitan Pier and Exposition Authority on Friday voted to have Marriott International Inc. operate its planned 1,200-room convention hotel here.
The board approved a 10-year hotel operations contract for the planned facility that is expected to open in late 2016 adjacent to the West Building, according to the Chicago Tribune. The new hotel will be operated as a Marriott Marquis. The net value of the agreement is $13.6 million, according to a McPier spokesman.
Marriott's proposal bested Hilton Worldwide's, which was valued at approximately $15.8 million, according to the Chicago Tribune. The $400-million hotel will be part of a larger development that will also include a multiuse arena that will host DePaul University basketball and a 500-room boutique hotel.
The authority also awarded a nearly $8-million contract to Jones Lang LaSalle Americas Inc. to manage construction of the entire project. See story in the Chicago Tribune.
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