CHM to Asset Manage Hyatt Regency, Marriott Marquis in Chicago
Thursday February 6th, 2014 - 9:24AM OB
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CHICAGO—Capital Hotel Management was awarded the asset management contract for both the Hyatt Regency and planned Marriott Marquis at McCormick Place here on behalf of the Metropolitan Pier & Exposition Authority (MPEA).
Richard Oldshue, chief financial officer for the MPEA, stated, “These two hotels are part of a massive redevelopment project around the convention center, and we believe CHM is an excellent choice to represent the Authority’s interests as the area continues to evolve.”
CHM will provide asset-management/operational-oversight services for the existing 1,262-room Hyatt Regency McCormick Place, as well as pre-opening advisory and eventual asset management of the planned 1,200-room Marriott Marquis. Located adjacent to the McCormick Place convention facility, both hotels are owned by the MPEA and are operated by Hyatt and Marriott, respectively.
“We are particularly gratified to be chosen by the MPEA as we were the original asset managers of the Hyatt Regency McCormick Place when the property first opened in 1998, continuing in that role for the following decade,” noted Chad Crandell, president of CHM. “We will build upon that base to help the Authority as [it enters] this new phase of expansion and with the many intricacies of owning now two major convention center hotels."
Situated at 2233 South Dr. Martin Luther King Jr. Drive, the Hyatt Regency McCormick Place recently completed a $110 million expansion and renovation to deliver new and like-new guestrooms to the Chicago convention market. The project included the addition of a 462-room tower with 12 suites and two premium suites. The hotel’s lobby also was expanded and redesigned, and the existing, 800-room tower received a complete update to mirror the new tower in terms of design, furnishings, fixtures and soft goods.
The Marriott Marquis will be connected to McCormick Place by a sky bridge. Also planned is a 10,000-seat event center, which will serve as a general session hall for tradeshows and conventions and also will be connected to McCormick Place West via a walkway.
“Our initial effort will concentrate on reviewing marketing strategies, while closely monitoring costs, to solidify the Hyatt’s performance and position in the marketplace. At the same time, we will actively support the Authority as [it continues] to make progress on the planning and development of the Marriott Marquis," Crandell added.
Tags: CHM • Capital Hotel Management • Marriott Marquis • Hyatt Regency • Chicago • Metropolitan Pier & Exposition Authority • MPEA • Hospitality • Brands • Management Companies •
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