CHICAGO-Locally-based Friedman Properties Ltd. and Merrillville, IN-based White Lodging Services Corp. are acquiring a parcel behind the Peninsula Hotel and plan to build Hyatt Place and Hyatt House hotels there.
The property at 740 N. Rush St. is currently the site of a Giordano's restaurant, according to Crain's Chicago Business. Friedman Properties, headed by president and CEO Albert Friedman, and White Lodging are acquiring the property from Chicago-based private equity firm Victory Park Capital.
Friedman and White Lodging have built the 212-room Hyatt Place in River North, part of a three-hotel development completed in 2013. See story in Crain's Chicago Business.
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