636 South Michigan Avenue, Chicago, IL 60605

Chicago's historic "Hotel of Presidents" is restored as a national landmark in grand style

Chicago's "Hotel of Presidents," the elegant Blackstone, was completed in 1910. It was frequented by Woodrow Wilson, Franklin D. Roosevelt and John F. Kennedy, among others. The building became a Chicago Landmark in 1998, but was closed in 2000 after an unfavorable OSHA inspection cited disrepair and safety issues.

In 2005, Marriott International/Renaissance Hotels and Sage Hospitality announced plans to acquire and renovate the shuttered building. The $125 million renovation sourced New Markets Tax Credits, as well as Historic Rehabilitation Tax Credits and tax increment financing from the City of Chicago to make the restoration of this historic landmark a reality. After a lengthy exterior and interior rehabilitation, the Blackstone Hotel re-opened in March of 2008.

In addition to rehabilitating a historic landmark building, the project realized the long-term goal of the City of Chicago to have the hotel serve as a source of new jobs and a catalyst for development in the area. The developer worked with city agencies and their resources to provide prevailing wage hotel, restaurant and construction jobs to members of local low-income and minority communities.

Development Type: Historic hotel rehabilitation

Project Timeline: Completed Winter 2008

Project Partners: Hospitality Fund II, LLC; Sage Hospitality; Marriott International/Renaissance Hotels; Prudential Mortgage; Chicago Community Development Commission

Total Project Cost: $125 million

NMTC Allocation: $40 million

Total Economic Impact: $608.6 million

Jobs: 2,368

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