Work is underway transforming downtown Chicago’s old Tokyo Hotel (19 East Ohio street) into something much less like the old Tokyo Hotel (still at 19 East Ohio Street).
Although it was a favorite of suburban club hoppers looking for a cheap no-questions-asked place to crash after a long night of cruising Hubbard Street, it certainly has seen better days.
A New York company called Sydell Group is spending about $20 million to turn the building into a hostel with about 250 beds.
According to Crain’s Chicago Business, in other cities the company’s Freehand chain of hostels charge as little as $25 for a bed in a dormitory-style room, and $170 for a private room.
Rooms in full-service hotels the immediate area start at $299 with the exception of the new Acme Hotel immediately next door to the Tokyo Hotel which can go as low as $249 on those occasions when its web site works.