We still have a ways to go before we see a fully-formed, fully-functional Trump building, but we’re starting to hear reports about the views and amenities that are (and are not) available for hotel patrons.
Trib reporter Glenn Jeffers recently spent an evening in the Trump International Hotel & Tower Chicago, 401 N Wabash Ave, and filed a report about his stay yesterday.
Trump is hoping to lure in patrons with a discounted rate of $325, and Jeffers says the experience is worth every penny, even if the construction noise left something to be desired.
Although guest rooms only fill floors 14 to 27, they still provide some majestic views, thanks to each room’s 10-foot floor-to-ceiling windows. From my 21st-floor king guest room, I could see the “L” tracks stretching down Wabash Avenue over to Lake Michigan. That kind of panoramic view is on par with any other downtown hotel. (Note: Hotel officials knew of my visit, so that may explain the view. Still, we paid for everything.)
Inside, the room is devoid of the excess one expects from the Trump brand, with the exception of daughter Ivanka Trump’s jewelry catalog in the magazine rack, complete with order form. (Two words: Tack. Key.)
Many of the amenities Trump has touted to potential buyers are still under construction or running with limited service. Sixteen, the tower’s 16th-floor restaurant, just opened, but its outdoor terrace won’t be ready until summer 2009. The building’s spa and night club are slated to open in mid-March, Jeffers says.
Trump’s 486 luxury residences and 339 hotel guest rooms range in size from 530 to 6,800 square feet and in price from the $580s to $9 million.
Approximately 75 percent of those units had sold as of late January.
“Approximately 75 percent of those units had sold as of late January.”
I am really suprised if this is the true sales % of this building. I have toured the units and building and I just don’t see it. I think 340onthepark did a far better job on finishes, hallways, etc.
I’m looking in the 600’s range myself, but if I were to spend 900,000 or so, I would choose Aqua, Canyon Ranch, or some of the other new towers. I’m thinking of a low floor 2bd at Canyon Ranch very seriously which I could slip into for the high 600’s.
JeffB,
Aqua and Canyon Ranch are very different locations than the Trump Tower.
What’s your take on the relatie advantages and disadvantages of each?
How did you tour the units / building when only the sales center across the street was open to the public?
Yes, Are you comparing the economics of owning based on hotel condo in both? Does Aqua offer Hotel condo? Trump is different from the standpoint of the Hotel Condo aspect, so the numbers are going to be inflated. Owning at Trump to just live is overpriced relative to the market, but if you are in it for the luxary, who cared. Owning to invest as a Hotel condo could very good for this location. This is one of the few Hotel condo projects I think is a good idea from an investment standpoint. Success factors of Trump include postcard visability location, tourist friendly location, city & developer pressure for the project to succeed, reputable hotel operation partner, ammeneties, etc. The media and commercial scrutiny for this project is very good for the buyers.
After monthly fees, which are usually a 60%/40% share for a hotel condo, and assuming a conservative 65% occupancy rate, you should be able to generate income close to $5k per month. And that is not taking into consideration the surcharge and peak rates you could make June – September. Those people who got in in the $500’s will do well.
Just curious Joe, do you really think Aqua and Trump locations are drastically different? Trump is right in the heart of River North, but Aqua is only a couple blocks away from RN. Aqua has the park at its doorstep, but once again, that is a quick jaunt from Trump as well.
Geoff,
I do think they’re very different. For many people “a couple blocks away” becomes a world away in this part of Chicago.
That cuts in very different ways for each location, depending on what people value having convenient access to more highly.
I officed in the IBM Building for 5 years. It was a great walking location back then and has become even more so since.
Interesting I work just about halfway in between the two sites, and would never consider their locations drastically different. That being said I grew up in this city, and tend to visualize it differently then most. Like I mentioned at these projects doorsteps are very different amenities, but both are a close to the amentities the other provides. But I guess you are right, in this auto based suburban society, even a couple blocks can be considered too far even in the urban core.
Geoff,
Start at Aqua and head out for Saturday breakfast or Sunday brunch. Then start at Trump and do the same. You’re going to have a vastly different set of options within 3 or 4 blocks.
Start at Aqua and head out to browse the local shops. Then start at Trump to do the same. Again, a vastly different set of options.
Let’s say you just like to stroll around the neighborhood in the evening after work. Start at Aqua and walk around for half an hour, then start at Trump and do the same.
Hard to say these locations are similar. Each provides a very different experience. Whether one is better than the other is a matter of taste and priorities.
I am right in the middle of both, approx 3 blocks from either. My roaming after work routinely wonders by both places. And if I were to walk 3 blocks from Aqua and 3 blocks from Trump I end up at the same place for breakfast, Corner Bakery on Wacker and Michigan. However yes if you venture the other way from each you get a more Loop based experience vs. a River north experience. I get your point Joe, its just for me, they are close enough to being considered having similar amentities. I agree though that might not be the case for most. And of course which one is better is a matter of preferences.