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Four-star lifestyle brand buys historical building for Chicago property.
By Mary Scoviak
Here’s news that brings more substance and concrete information about mogul Sir Richard Branson’s nascent hotel brand. The property venture of the lifestyle label, bought the Old Dearborn Bank Building in an all cash-transaction. Following in the footsteps of other major hotel projects in Chicago these days, Virgin Hotels chose an architecturally significant building. The Old Dearborn Bank was design by C.W. and George L. Rapp Architects in the late 1920s. Most of the original features will be retained when the space reopens as a hotel in 2013. “Chicago is a top destination for pleasure and business, with all the qualities we look for in Virgin Hotels locations: it’s economically vibrant, culturally exciting, and a sports and entertainment hub. But it also has a world-renowned architectural heritage, and we are eager to contribute to its continued acclaim,” says president and COO Raul Leal.
The John Buck Company will oversee the redevelopment of the building. It will be interesting to the end result of Virgin Hotels’ vision, although due to the market and the company’s active pipeline, it’s very possible that the Chicago property won’t be the first one to open. “We are ready to respond to the growing number of unique real estate and repositioning opportunities generated by the current environment,” says Anthony Marino, managing partner, Leisure and Hospitality, Virgin Group and head of Virgin Hotels.
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