The developer of a planned Hyatt Place hotel in Chicago's Loop has scored a reported $34-million construction loan for the 206-room project, according to Crain's Chicago.
A venture led by Spartanburg, S.C.-based OTO Development borrowed the money in February from Bank of America. Construction has begun on the site at 28 N. Franklin St.
Crain's writes that OTO is among several developers planning to add 6,200 hotel rooms downtown, many near the city's LaSalle Street financial district. The area has drawn recent interest from developers, encouraged by the 2010 opening of a 610-room JW Marriott hotel at LaSalle and Adams streets. Most recently, Chicago developer Michael Reschke began converting an office building at 11 S. LaSalle St. into a 380-room Residence Inn by Marriott, Crain's reports.
OTO was founded in 2004 by former Extended Stay America Inc. executives, and has opened 45 hotels.
