Foreclosure Suit Hits Prime Chicago Hotel Site
From Chicago Real Estate Daily:
Plans Called For Edition Hotel
The owner of a prime development site on North Michigan Avenue faces a $20-million foreclosure suit about two years after scrapping a deal with Marriott International Inc. to build a 330-room high-rise hotel there. Republic Bank of Chicago sued a venture led by local developers Enrico Plati and Neil Gehani that owns the property at 150 E. Ontario St. The developers planned to open an Edition hotel, a new brand created by Ian Schrager and Bethesda, Md.-based Marriott, on the site, but dropped that idea in the depths of the financial crisis in February 2009. Click here for the full story.
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