Oxford Capital led venture buys stalled hotel project on Michigan Avenue
A joint venture of Oxford Capital Group, LLC and Quadrum Global announces today the acquisition of the Atlantic Bank Building at 168 North Michigan Avenue, a historic property adjacent to Chicago’s Millennium Park. In the coming year, the venture will unveil plans to redevelop the building into an approximate 200 room independent lifestyle hotel. This will be Oxford‘s 12th hotel investment in the Chicagoland Market. Other noted local projects include the Langham, LondonHouse, the Godfrey, The Essex Hotel-Michigan Avenue, Hotel Felix, Hotel Cass Magnificent Mile, and Hyatt Chicago-Magnificent Mile. Oxfordand Quadrum have partnered on a number of transactions including The Godfrey Hotel Chicago, The Essex Hotel-Michigan Avenue and the recently announced Essex Tower, a 55-story residential high rise to be developed just south of the Essex Hotel on Michigan Avenue.
“We continue to believe in the attractiveness and irreplaceability of prime Michigan Avenue real estate and the growing momentum of the areas adjacent to Millennium Park and Grant Park,” says John W. Rutledge, founder, president and CEO of Oxford Capital Group, LLC and its wholly owned affiliate Oxford Hotels & Resorts, LLC, the Chicago-based investor, developer, and manager.
The terms of the sale are not disclosed at this time.