Quote of the day: Aqua hotel washed away

Aqua, 225 N Columbus Dr, Chicago

Despite the opportunities this property presents, the financial markets and economic operating environment have changed significantly since we first entered into the agreement to purchase the space in 2006… We remain committed to our thoughtful and disciplined business approach which, given the higher cost of capital, escalating total project costs and our dedication to maintaining sufficient liquidity for all market conditions, makes it imprudent for the company to proceed at this time.

Laurence Geller, president and chief executive of Strategic Hotels & Resorts, on his company’s decision to scrap plans for a luxury hotel at Magellan Development Group‘s Aqua, under construction at 225 N Columbus Dr.

Strategic’s hotel would have comprised 210 units, a 20,000-square-foot ballroom with an outdoor terrace, and 30,000 square feet of conference and meeting space on 15 of Aqua’s 82 stories. It would have also provided services for the residents in Aqua’s rental apartments and 267 condos.

Rate and review Aqua at NewHomeNotebook.com.

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