Hyatt heir looks to convert Chicago building into boutique hotel

07/20/2012 | Bloomberg Businessweek

John Pritzker and investment firm AJ Capital Partners have formed a joint venture to purchase the Chicago Athletic Association building for $13 million. Pritzker, whose father, Jay Pritzker, founded Hyatt Hotels Corp., says the plan is to convert the property into a 240- to 260-room luxury boutique hotel. The property is scheduled to open in 2014 after a $20 million conversion project.

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