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Virgin Hotels To Convert East Loop Office

CHICAGO-The new company, formed last year by the Phoenix-based Virgin Group, has announced its first hotel property deal as a conversion of the Old Dearborn Bank Building.

By Robert Carr | Updated on October 25, 2011

CHICAGO-The Phoenix-based Virgin Group has announced its first foray into the hotel development market by the purchase and planned conversion of the Old Dearborn Bank Building in the East Loop. The 27-story office, built in 1928, is nearly empty after the property was involved in a troubled loan situation in 2009.

Sources say Urban Street Properties LLC purchased the site for $5.5 million in April 2010, after the property went into default of a $9 million loan during a planned apartment conversion. Anthony Marino, managing partner of leisure and hospitality for Virgin Group, tells GlobeSt.com that Virgin Hotels bought the building this past weekend. Marino, head of the new company, would not comment on the purchase price or the conversion cost.

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