New hotel proposed near Chicago convention center

Trade-shows business appears to be booming in the city of Chicago. In an effort to continue and improve upon the trend, a new hotel is planned on the south side of downtown, close to McCormick Place convention center. Supported by both Chicago's mayor, as well as the governor of Illinois, it would be positioned between Michigan Avenue and Indiana Avenue.

The facility is expected to cost around $400 million. Once complete it would provide 1,200 new hotel rooms to the city. One of the benefits behind it is that it would draw in an additional 15 events each year. Those events would likely translate into 80,000 more visitors to the city.

A new hotel of this size and type could have a major impact on the economy of the city. While it seems to be on the rebound, the new piece of commercial real estate could help to solidify the recovery. In addition to creating somewhere around 500 additional jobs in the city, the visitors would likely take advantage of other businesses throughout the city, pumping even more money into its economy. In turn, this could make it possible for those businesses to expand and add additional employees.

Businesses, particularly smaller businesses in Chicago, could reap the benefits of an arrangement such as this one. If a business is teetering on the brink of failure the influx of so many potential customers could really make a difference to the life of the business. No doubt all Chicago business owners are hoping this will happen.

Source: Bloomberg, "Chicago to Get Hotel Near McCormick Convention Center," Brian Louis, Feb. 19, 2013

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