Friday, November 16, 2018
Due to the hotel’s prestigious location in Chicago’s downtown financial district, where we already have developed two successful Marriott hotels (the 610-key JW Marriott and the 381-key Residence Inn) we have studied the economic benefits adding one more floor of hotel rooms so our new Marriott Autograph Collection Hotel would have 310 rooms instead of the planned 232 rooms at the 208 S. LaSalle Street location. Adding one more floor would cost approximately 15 million more to the project cost but will generate substantial additional income and value. The resulting return on cost will be enhanced, thereby reducing project risk.
We feel this is a positive development and will not require an increase in the current EB-5 funds that we intend to raise. We’re looking to start the construction in the beginning of 2019 and will keep you posted on the progress.