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Chicago office tower being converted to lifestyle locale
Virgin Hotels, Sir Richard Branson’s new four-star lifestyle hotel brand, has announced its first property acquisition. The company has purchased the Old Dearborn Bank Building in downtown Chicago in an all-cash transaction, with plans to convert the former office building and reopen it as Virgin Hotel Chicago in the fall of 2013.
The 27-story art deco building is a Chicago landmark designed by C.W. and George L. Rapp Architects in 1928. The new hotel planed for the site will have 250 guest rooms and feature meeting spaces, restaurants, lounges and other public areas that reflect the Virgin brand.
“This transaction is a first step towards our goal of building a portfolio of hotels that anticipate and respond to the needs of today’s travelers and set a new standard for the industry,” said Anthony Marino, managing partner, leisure and hospitality, Virgin Group and head of Virgin Hotels.
Though the Chicago locale is the first property acquired by Virgin Hotels, the company said it also actively seeking sites in such cities as Los Angeles, Miami, New York, San Francisco, Washington D.C., and London. As a result, "it is highly likely that one or more Virgin Hotels will open before Virgin Hotel Chicago," said Marino. “We are ready to respond to the growing number of unique real estate and repositioning opportunities generated by the current environment.”
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