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VERNON HILLS, IL-Intercontinental Hotel hosted the grand opening today of the third Chicagoland Hotel Indigo location in the Chicago area. The 84,000-sf, 127-suite hotel came from a $5 million renovation of what was previously an AmeriSuites, at 450 N. Milwaukee Ave. Northbrook, IL-based Lane Hospitality will manage the branded-boutique hotel for owner FCLC Vernon Hills LLC under a license agreement with a Intercontinental.

“The ownership group decided to do such a radical change,” a Lane spokeswoman tells GlobeSt.com. “This is a suburban market, however a lot of the Fortune 500 companies have been moving to this area for years. This will fill the niche of an urban-style hotel in a suburban market.”

This location joins two other Indigos in the area, in Palatine and Chicago’s Gold Coast, the spokeswoman says. The hotel was acquired by an affiliate of Florida Capital Land Corp. in September 2002 reportedly for $13.1 million. The conversion of the six-story building began in late 2007. Construction included gutting every 465-sf room to put in hardwood floors, spa-inspired baths, a 32-inch flat panel TV, and other amenities, she says. Space formerly used as a hotel room in the AmeriSuites was converted into Phi Restaurant and Bar, the offerings at which change every months based on the season, the spokeswoman says.

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