Several months after plans were announced to turn the tower portion of the Oriental Theater (32 West Randolph Street) building into apartments, those plans are out the window.
Crain’s Chicago Business reports that owner, John Murphy, plans to turn that portion of the building into a hotel, much like the theater/hotel combo a few blocks away at the Cadillac Palace Theater/Hotel Allegro.
Unlike previous plans for this building, this time it looks like the ducks are all lined up in a neat and orderly fashion. Financing is reportedly mostly worked out, and there is even a brand for the new hotel: Cambria Hotel & Suites, which is part of the Choice Hotels group.
Hotels have been popping up in The Loop like third cousins after a lottery win, including two hotels just three blocks away: The Hilton Garden Inn and the new Hampton Inn on East Wacker Drive. But the steadily climbing rates at the nearby Hotel Burnham and Hotel Allegro are proof that demand is still high for lodging in this corner of the Loop.