Quote of the day: The untouchable condo-hotel

“No bank is touching condo-hotels. They see it as a frivolous purpose and an investment that perhaps doesn’t make sense.”

- Andrew Glatz, president of Crown Heights Realty, talking to Crain’s Chicago Business for an article on the “fizzled out” condo-hotel market.

One of the few condo-hotel towers still under construction — The Elysian, at 11 E Walton St in River North — has signed contracts for 74 percent of its condo suites, but Crain’s suggests the building’s developer is “considering tearing up the contracts, returning deposits and running the Elysian as a regular hotel.”

Related posts:

1. Robert De Niro, hotel-condo pioneer?
2. Elysian scraps its hotel condos
3. The problem with hotel condos
4. Aqua’s hotel back on track?
5. Rentals proposed for Hyde Park’s Shoreland Hotel