CHICAGO - Loews Hotels & Resorts is planning to open a new hotel in in the heart of the city in January 2015.

The hotel will be one block north of the Chicago River and two blocks east of North Michigan Avenue and will have 400 rooms and 36 suites. The property is being developed by Chicago-based DRW Trading Group and designed by architects Solomon Cordwell Buenz. The Loews Chicago Hotel will feature a restaurant, 25,000 square feet of meeting space, outdoor terraces, a spa/fitness center and an outdoor rooftop area with a pool. It will be part of a 52-story tower that will also house 390 residential luxury apartments. “This Chicago property promises to deliver a unique experience for our guests as we expand and grow our brand,” Jonathan Tisch, Chairman of Loews Hotels & Resorts, says in a press release. Previously, Loews Hotels & Resorts' announced plans to build the 1,800-room Cabana Bay Beach Resort at Universal Orlando, which is slated to open in 2014. “These new developments are important steps in our plan to expand Loews in major cities across North America,” Paul Whetsell, President and CEO of Loews Hotels & Resorts, says in the release. The addition of the Chicago and Orlando properties is part of the company's strategy to add to its portfolio of hotels over the next five years and it expects to announce new openings in the coming months. The firm is a wholly owned-subsidiary of Loews Corp.