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Project Overview
LaSalle Regional Center and The Prime Group, Inc. (“Prime”) are pleased to announce their latest offering to invest in The LaSalle, a new luxury hotel being developed at 208 South LaSalle Street. The LaSalle, a member of the Autograph Collection by Marriott International, is a 232-key luxury hotel occupying the top five floors of a historic landmark building in Chicago’s downtown financial district. The LaSalle began construction in late 2019, and is expected to open in the fourth quarter of 2021.
The Hotel
The LaSalle features a unique story and position in the Chicago hospitality market. The 208 South LaSalle building, designed by world-renowned architect Daniel H. Burnham in 1914 in the Greek Revival style, was intended by Burnham to be a “monument to commerce” with a stature equal to public institutions, government offices and libraries.
The LaSalle is located in the heart of Chicago’s financial district, adjacent to the Federal Reserve Bank of Chicago and the Chicago Board of Trade. The design, finish and artwork throughout The LaSalle will be of the highest quality and design, and reflect the building’s historic heritage in the LaSalle Street financial district.
Ownership
The entity developing The LaSalle is RCP Hotel Owner, LLC (“RCP Hotel”), an affiliate owned and controlled by Michael W. Reschke and The Prime Group, Inc. RCP Hotel owns floors 18 thru 22 and the ground floor LaSalle Street lobby at 208 South LaSalle Street, Chicago, Illinois. Currently the middle floors of this historic building (floors 13 to 17) are fully-renovated and leased to office tenants. The lower twelve floors of the building contain the much-acclaimed and award-winning 610-key J.W. Marriott hotel which was developed by Mr. Reschke and Prime and opened in November 2010.
EB5 Investment
The EB-5 investment vehicle is RCP Hotel EB-5 Investors, LLC (“RCP Investors”). The general partner of RCP Investors is RCP EB-5 Manager, LLC (“Manager”). The project is located within a Targeted Employment Area (“TEA”) which lowers the required individual EB-5 investment from $1,800,000 to $900,000. The regional center completed an $8,000,000 Series A round in 2019 prior to the start of construction. The regional center has initiated a Series B round to accommodate excess demand seeking up to an additional 20 investors.