Oxford Capital Group has teamed up with Hong Kong-based Langham Hotels International to take over the redevelopment of part of Chicago’s One IBM Plaza.
Chicago-based Oxford had originally partnered with hospitality REIT LaSalle Hotel Properties to convert part of the office property into a luxury hotel in 2008. The duo paid $46 million for the property, at 330 North Wabash Avenue, with LaSalle retaining a 95 percent stake in the venture.
In a separate release, Oxford Capital president and chief executive officer John Rutledge said the firm had relaunched the project with Hong Kong-based hospitality investment firm, Langham, in a bid to create Chicago's newest five star hotel. Langham is believed to hold a majority interest in the JV, while Oxford retains a minority interest. Oxford Capital was unavailable for further comment at press time.
The deal involves 375,000-square-foot of space over the second through 13th floor of the former property and part of the first floor. In 2008, Oxford said it planned to redevelop the vacant office space in the building into a 335-room hotel, together with 17,000-square-foot of conference space and a 9,000-square-foot restaurant.
Oxford said the hotel is expected to open in 2012 as the Langham Chicago Hotel.