Search
 

Palmer House Owner Books $150M Makeover

CHICAGO-Thor Equities' renovation of the landmark hotel at Monroe and Wabash streets will total 70% of its 2005 acquisition price paid to Hilton Hotels. A parking garage and 4,000-sf, $9-million penthouse are in the plans.

By Mark Ruda | Updated on May 11, 2006

CHICAGO-New York-based Thor Equities, which paid $215.4 million for the Palmer House less than a year ago, is taking the initial steps in a $150-million renovation of the landmark hotel at Monroe and Wabash streets. Although plans are expected to be unveiled by early fall, the makeover of the 1,000-room property has received an early endorsement from the city’s Commission on Chicago Landmarks.

The Monroe Street entrance will be redesigned, fire escapes on the State Street side of the hotel will be replaced with interior fire escapes and storefronts on the Monroe and State street sides will be renovated. An indoor parking garage also is being created. One major interior renovation is creating a 4,000-sf penthouse at a cost of $9 million, according to company officials.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.