Quote of the day: In a cooling market, it pays to go hotel

“We did not want to go to market with 100-plus condominiums at this point.”

– Neil Gehani, president of Monaco Development LLC, on his firm’s decision to replace the condo portion of 150 E Ontario St with a new hotel concept from Marriott International. The announcement first appeared in Crain’s yesterday.

An upscale hotel, dubbed Edition, will fill the proposed high-rise, along with 20 high-end condo units.

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