A Denver company that resurrects historic hotels is buying the Blackstone, the beautiful 1908 Marshall & Fox hotel at 636 S. Michigan that was slated for a high-end condo conversion before the deal fell apart.
Reports in Crain’s Chicago Business said Sage Hospitality Resources, LLP might need to spend as much as $100 million to rehab the aged hotel, a 22-story Beaux Arts gem that has grown the worse for wear.
The new hotel reportedly would be a Marriot with around 325 rooms. Sage has hired local architect Lucien Lagrange for the interior restoration. Lagrange also was architect on the conversion attempt by Maharishi Mahesh Yogi’s development group, which planned to turn the building into condos priced up to $8.5 million.
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