Crain's announced this morning that The Elysian has finally officially scrapped the idea of condo-hotels. The building at 11 E. Walton is going to end up as 52 condo units and a hotel, instead of some condos and some condo-hotels.
In a market where hotels aren't the greatest plan right now, it seems like hard choice to make, especially considering the developer will have to use income from the hotels to pay back the construction loans after the condos have closed. But long term, with a location just a couple blocks from the Mag Mile and a sophistication to match the location, maybe it will be successful in the long run. It will also soon have even more competition when the Aqua Tower, which is about equidistant from the Mag Mile, signs a hotel operator.
As Crain's points out, there's only two operating condo-hotels left in Chicago at Trump Tower and the Rafaello Hotel. I think that means we may be officially over this concept as I pointed out in an earlier post. Maybe this will mean protestors who opposed Trump's condo-hotels will get their way.
In the long run, though, we'll end up with some fabulous hotel space because of this busted trend and hopefully ue it to make ourselves into even more of a world class city.
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