The 32-story structure was built by utility company businessmanWilbur Foshay in 1929, designed to resemble the WashingtonMonument, and is considered one of the tallest concrete buildingsin the US. Foshay spent lavishly to open the tower, and planned tooccupy two of the top floors with offices and a residence, but helost everything months later in the stock market crash.

Starwood said in a statement that the hotel will have 229 guestrooms, including 18 suites. The hotel will also feature arestaurant, bar, lounge, fitness center and 7,000 sf of meetingspace. The hotel will keep the famous observation deck, said Burnetin the statement, though it's not clear if it will still be open tothe public. "Like so many of us who grew up here, I remembervisiting the Foshay as a kid and going up to the observation deckto view the city," Burnet said in the statement. Burnet also ownsthe Chambers hotel here.

Starwood did not return multiple requests for comment. Thecompany has 21 other W Hotels in major cities around the world,with 13 more planned for US cities and 15 internationally.