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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

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.

 

Read more on

Suggested Articles

Insurance companies believe that COVID-19-related losses should not be included in business interruption coverage, but the issue is far from settled.

The MMGY Global Travel Safety Barometer measures Americans’ perceptions of safety on a scale from 0 (extremely unsafe) to 100 (extremely safe).

Year-over-year declines remain significant although not as severe as the levels recorded in April.