Former Strategic head buying Chicago building; could become hotel

He's back. Laurence Geller, the former head of Strategic Hotels & Resorts, is leading a venture that has agreed to buy a 227,600-square-foot office building just off the Magnificent Mile in Chicago, Chicago Real Estate Daily reports.

He is reportedly mulling over what to do with the 20-story building at 101 E. Erie St., but odds are it could become a hotel.

If he goes the hotel route, it would be the latest in a growing list of office-to-hotel redevelopments in downtown Chicago, like the Virgin Hotel, at 203 N. Wabash Ave., and a new Residence Inn by Marriott at 11 S. LaSalle St.

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Geller declined to comment but told Chicago Real Estate Daily he has been occupied lately with office and retail property deals outside Chicago and efforts to promote the city's tourism industry.

Geller resigned from Strategic Hotels in November 2011, and the company, which he founded, has been the subject of takeover talk ever since.

 

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