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Article: Emptiness deepens at local hotels; Occupancy rates, room prices sliding toward new lows.
- Article from:
- Crain's Chicago Business
- Article date:
- June 8, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: THOMAS A. CORFMAN
The downturn in the local hotel market is accelerating, confirming fears of a nose dive worse than in the aftermath of the 2001 terrorist attacks.
As the market worsens, negotiations have abruptly stalled between boutique hotel firm Kimpton Group Holding LLC and developer Magellan Development Group LLC for a hotel in the 82-story Aqua tower at 225 N. Columbus Drive, sources say, a little more than a week after an executive with San Francisco-based Kimpton said the two sides were "close''(Crain's, May 25).
Meanwhile, average daily room rates at downtown hotels dropped 23% in April from a year earlier, worse than the ...
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