Quote of the day: Ta-ta, Shangri-La

“Under the current economic environment, regrettably, the implementation of the hotel project has been suspended with no indication of when activities will resume… Accordingly, (Shangri-La’s U.S. subsidiary), in exercise of its contractual rights under the agreements, has served a notice on the developer terminating its contracts relating to this project.”

– A statement from the Hong Kong-based Shangri-La Hotels and Resorts, announcing its withdrawal from Wacker Drive’s most prominent parking garage, the unfinished Waterview Tower. Shangri-La had planned to manage 200 hotel suites in Teng & Associates’ super-tall tower, which currently stands as an unfinished, 26-story stump at 111 W Wacker Dr in the Loop.

Read more at Crain’s Chicago Business.

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