Chicago hotels faring better than the national average
Chicago’s hotel performance is outpacing the national average, according to CBRE Hotels Americas Research. Chicago hotels are expected to see a 4.1 percent increase in revenue per available room this year, better than the 2.8 percent projected increase nationwide. Chicago’s occupancy rate is expected to grow 1 percent this year and its average daily room rate 3.1 percent. [Globe St.]
Evanston aldermen back off plans to demolish Harley Clarke Mansion
The Evanston City Council reversed course and is no longer pursuing tearing down the historic Harley Clarke Mansion. The lawmakers decided to scrap the planned demolition after the city Preservation Commission denied the owner’s necessary permit. The issue has galvanized people on both sides, with the pro-demolition bloc raising $400,000 for the tear-down. But a November referendum showed 80 percent of voters in favor of saving the building. [Evanston Review]
Nonprofit pledges financing to redevelop closed CPS schools
Benefit Chicago is pledging $5 million in financing to developers who find new uses for shuttered Chicago Public Schools. Benefit Chicago, a social impact investment fund backed by the Chicago Community Trust and MacArthur Foundation, expects to finance five to seven school redevelopments in its initial push. Projects in Bronzeville and Englewood are already moving forward with money from the initiative. [Crain’s]
Toy company exec buys Oak Brook mansion
An executive with toymaker Spin Master bought a six-bedroom, 8.400-square-foot mansion in Oak Brook for $2.2 million. Ben Gadbois, the chief operating officer of the Toronto-based company, bought the 10-year-old home that had been owned by real estate lawyer Robert Lattas. In 2015, Lattas was convicted of bank fraud for his role in a mortgage fraud scheme, and pleaded guilty to more charges in 2016. He was sentenced to more than 5 years in federal prison in October. [Chicago Tribune]
TGI Fridays closes Vernon Hills restaurant abruptly
A TGI Fridays restaurant closed abruptly after 25 years in suburban Vernon Hills. The restaurant chain said it decided to close the location when its lease expired at the 1.55-acre property at 151 East Townline Road, which is listed for sale at $2.2 million. [Daily Herald]