Acron to build luxury hotel in Chicago
The Acron Group is planning a hotel project at Chicago's landmark Navy Pier. The luxury hotel is scheduled to open in 2019; Acron puts the future market value at a three-digit million dollar amount.
According to Acron, the design-build transaction was closed through its U.S. subsidiaries, with closing on January 25, 2018. The lenders are the U.S. subsidiary of Canadian Imperial Bank of Commerce (CIBC) and Hilton Hotel Group. Equity was provided by Acron and other investors in a club deal.
Navy Pier, an approximately one-kilometer-long pier in Lake Michigan, is considered a Chicago landmark. The real estate investment company will build the Navy Pier Hotel directly on this pier. It will have 222 rooms and, among other things, a rooftop bar. The hotel will be operated under the luxury brand "Curio Collection by Hilton". The opening is planned for mid-2019.
Chicago, the third-largest city in the U.S., saw a record number of visitors last year, with 55.2 million tourists, Acron reports. During the same period, the occupancy rate of hotels in the city also increased by 3.3 percent, it said. The city is currently promoting tourism development and economic upgrades. A separate development plan has been drafted for the visitor magnet Navy Pier under the name "Centennial Vision."
