What’s in a name: Magellan says goodbye to Vista Tower, hello St. Regis Chicago

Chicago’s third tallest skyscraper is getting a new name.

Four months after Magellan Development bought out Dalian Wanda Group’s 90 percent stake in the hotel and condo tower project, the firm has struck a major deal with St. Regis Hotels & Resorts.

The 101-story Vista Tower will be known as The St. Regis Chicago, after Magellan partnered with the luxury hotel brand. For the condo and hotel at 363 East Wacker Drive, Magellan has also brought in one of Chicago’s most biggest hospitality brands, the Alinea Group, to operate new restaurants and bar-lounge spaces, according to the Chicago Tribune.

The $1 billion tower megadevelopment broke ground in 2016. Condo residents are planning to move into the building by December; the hotel is expected to open in the second half of next year, according to Magellan. Hotels nationwide continue to get battered by the coronavirus lockdowns and travel restrictions.

Regis Hotels & Resorts, which is part of Marriott International, will manage the 191-room hotel on the bottom 12 floors, the Tribune reported.

Magellan, led by CEO David Carlins, purchased Dalian Wanda’s 90 percent stake in Vista with loans from a Goldman Sachs fund and JPMorgan Chase. In July, Dalian Wanda had announced the planned sale in a public filing, pegging the price at $270 million.

So far, the developers have had trouble finding buyers for the project’s 393 condo units. Only about half of the units have closed, according to the Tribune. Condo prices range from $1 million to $18.5 million. [Tribune] — Keith Larsen