Oxford Capital Group JV plans boutique hotel on Michigan Avenue

The $75M, 218-key property will replace a long-neglected building near Millennium Park

Chicago /
Aug.August 03, 2018 04:00 PM

168 North Michigan Avenue and Oxford Capital’s John Rutledge

Oxford Capital Group and Quadrum Global is proposing a $75 million boutique hotel on a long-neglected building on Michigan Avenue.

The Chicago-based developer, along with London-based private equity investment firm Quadrum are converting the old Atlantic Bank Building at 168 North Michigan Avenue into the 218-key Hotel Julian, named for the patron saint of boatmen, innkeepers and travelers, according to Crain’s.

The more than 100-year-old building had been empty for a decade.

Rutledge’s firm bought the property for $20 million in 2015 from developer Musa Tadros, who had planned a Hotel Indigo there before selling.

The property sits along a stretch of Michigan that has seen several historic buildings converted into hotels in recent years. Oxford converted the London Guarantee & Accident Building at 360 North Michigan Avenue into the 452-key LondonHouse, Becker Ventures turned the former Hard Rock Hotel in the Carbide & Carbon Building at 230 North Michigan into the St. Jane Chicago and AJ Capital turned the former Chicago Athletic Association at 12 South Michigan into a hotel.

Oxford is also behind the Essex on the Park apartment tower at 808 South Michigan Avenue, where it’s converting the adjacent Essex Inn into the more upscale Hotel Essex. Oxford and Gettys Group, meanwhile, are facing a foreclosure lawsuit on their 225-key Hotel Felix in River North, which began to struggle after its property taxes ballooned. [Chicago Tribune] — John O’Brien


Related Articles

arrow_forward_ios
1000 W. Fulton Market; and 210 N. Carpenter Street (Project Management Advisors, SCB)
2 Google-leased Fulton Market offices sell for $500M
2 Google-leased Fulton Market offices sell for $500M
(Lollapalooza, Getty)
More than a mint: Hotel industry seeks $75M for Chicago comeback
More than a mint: Hotel industry seeks $75M for Chicago comeback
Mark Goodman and an aerial of 400 N. Elizabeth Street (Google Maps, Mark Goodman & Associates)
500K-sf life sciences complex eyed for Fulton Market
500K-sf life sciences complex eyed for Fulton Market
Port of Chicago (BartShore/Wikipedia, iStock)
Big development opportunity on tap at Port of Chicago
Big development opportunity on tap at Port of Chicago
Amita CEO Keith Parrott and the Amita Health’s Lisle headquarters at 2601 Navistar Drive in Lisle (Amita, Google Maps)
Amita Health adds to wave of suburban office subleases
Amita Health adds to wave of suburban office subleases
From left: DL3 Realty’s Leon Walker, Discover’s Roger Hochschild, Mayor Lori Lightfoot, and 8560 South Cottage Grove Avenue. (DL3, Discover, Getty, Google Maps)
DL3 Realty signs Discover to big South Side lease
DL3 Realty signs Discover to big South Side lease
Blackstone’s Jonathan Gray and CenterPoint CIO Jim Clewlow with one of the properties, 225 Spring Lake Drive, Itasca (Getty, Linkedin, Google Maps)
Blackstone expands industrial reach with $151M Chicago buy
Blackstone expands industrial reach with $151M Chicago buy
(Arlington Park, Google Maps)
Churchill Downs looks to sell 326-acre Arlington Park race track
Churchill Downs looks to sell 326-acre Arlington Park race track
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...