In the midst of what Crain’s calls “the worst Chicago hotel market since the 2001 terrorist attacks,” Magellan Development Group is close to securing a new hotel operator for Aqua, its 82-story high-rise at 225 N Columbus Dr on the New East Side.
“Aqua lands a hotel” is the headline, but the body of the Crain’s piece makes it clear that Magellan’s deal with Kimpton Group Holding is still under negotiation. Kimpton may buy 15 stories originally built for Strategic Hotels & Resorts, which pulled out of the project last fall. The deal is valued at $56 million, or 33 percent less than what Strategic had agreed to pay in 2006.
Magellan received certificates of occupancy for its first 32 floors in late April. Crews had installed up to the 70th floor and drywall through the 56th floor as of mid-May, according to the Aqua Homeowners blog.