Real estate investment and development group Sterling Bay revealed plans to introduce the citizenM brand to Chicago. The newly constructed hotel is to be part of a mixed-use project the Chicago-based company is developing with Magellan Development Group.
As currently planned, the development will include a 47-story tower with 289 residential units, 25,000 square feet of retail space and 280 hotel rooms. A subsidiary of citizenM will acquire the citizenM Chicago Downtown upon its completion, subject to the realization of certain construction and opening milestones.
“Chicago has always served as one the most important financial, entertainment, business and cultural capitals in the world, but in the past few years has also become one of its largest tech hubs due to its incredible talent pool,” Ernest Lee, citizenM’s managing director and head of development and investments in North America, said in a statement. “As we continue our brand expansion and increase awareness in the U.S., it was important to us to have a presence in this market.”
CitizenM, a Netherlands-based hotel brand, currently has three hotels open in the United States—two in New York City and one in Boston. Additionally, it has projects under development in Miami, Los Angeles, San Francisco, Seattle and Washington, D.C.
Sterling Bay has created urban campus headquarters for Google, McDonald’s, Uber, Glassdoor, Dyson, Hillshire Brands and Pinterest. Today, it maintains a $5 billion real estate portfolio.
CitizenM opened its first hotel in Amsterdam’s Schiphol Airport in 2008. It now has more than 30 hotels with more than 7,000 rooms open or under development.