Capital Hotel Management (CHM), a hotel asset management and investment advisory firm, was awarded the asset management contract for both the Hyatt Regency and planned Marriott Marquis at McCormick Place on behalf of the Metropolitan Pier & Exposition Authority (MPEA).
CHM will provide asset management/operational oversight services for the existing 1,262-room Hyatt Regency McCormick Place, as well as pre-opening advisory and eventual asset management of the planned 1,200-room Marriott Marquis. Located adjacent to McCormick Place, North America’s premier convention facility, both hotels are owned by the MPEA and are operated by Hyatt and Marriott, respectively.
Located at 2233 South Dr. Martin Luther King Jr. Drive, the Hyatt Regency McCormick Place recently completed a $110-million expansion and renovation to deliver 1,262 new and updated guestrooms to the Chicago convention market. The project included the addition of a 462-room tower with 12 suites and two premium suites. The hotel’s lobby also was expanded and redesigned, and the existing, 800-room tower received a complete update to mirror the new tower in terms of design, furnishings, fixtures and soft goods.
The Marriott Marquis will be connected to McCormick Place by a sky bridge. Also planned is a 10,000-seat event center, which will serve as a General Session hall for tradeshows and conventions and also will be connected to McCormick Place West via a walkway.