Designed as an office tower, the former IBM Building is about to get a major update, complete with bellhops and bathtubs.
The owner of 330 N. Wabash Ave. has sold 12 floors of the building to luxury hotel developers for $46 million. The new hotel will be across the street from the hotel, residential and retail development under construction by Donald Trump.
“We love the location,” said John Rutledge, chief executive of Oxford Capital. “The fact that it is next to the Trump tower … only validates that this is a good location for a hotel.”
The unnamed hotel is described as a “five-star, superluxury hotel” and will occupy floors 2 through 13, with an option to buy the 14th floor. The hotel is expected to offer 335 rooms, with the standard guest room offering 525 square feet, large by Chicago standards. The hotel also will offer suites, some as large as 2,350 square feet.
Rutledge said work on the hotel will begin almost immediately, and it should open some time in 2010. It also may be possible to check in by boat. The property is on the river walk, and boats can dock there.
