"Shangri-La Hotels and Resorts is regarded as Asia's finest luxury hotel group," says Waterview LLC chief executive officer Ivan Dvorak, whose company's 1,050-foot tower will include 233 condominiums on the upper 59 floors. "It will play a significant role in putting Waterview Tower on the international map as well as making it the ultimate address in Chicago."

Adds Shangri-La Hotels and Resorts chief executive officer Giovanni Angelini, "We took great care to find the very best location for our American debut, and we believe the Waterview Tower is the ideal launching pad for our brand within the US."

Much the same claims have been made on the other side of the river, where Donald Trump is building a $650-million condominium tower with 227 hotel units on the site of the former Sun-Times building at 401 N. Wabash Ave. However, both Trump and Waterview LLC will be late arrivals to the hotel-condominium party, having been beaten to the punch by the prolific Falor Cos. With a penchant for buying older Downtown buildings and converting them to hotel condominiums, the Falor Cos.' most recent acquisition is Hotel 71, formerly known as the Executive House. At 71 E. Wacker Dr., the 454-unit hotel also has views of the river and lake, and eventually, Trump International Hotel and Tower and Waterview Tower.