Joe Arnstein, second to left
The commercial real estate sectors in Chicago may not have the vibrancy of gateway cities like New York or San Francisco, but local experts remain optimistic about the prospects for 2014. Yesterday, for example, at a breakfast meeting of Chicago Real Estate Professionals at the East Bank Club, an event hosted by Brown, Udell, Pomerantz and Delrahim, Ltd., Jeffrey J. Preston, vice president of HREC Investment Advisors, said “Chicago is a very dynamic and resilient hotel market” and he expects that the worst fears about overbuilding will prove groundless...
The performance of the city’s hotel market over the past year certainly bolsters that belief. Even with the expansion of supply, hotel occupancy hit a new high in 2013, surpassing marks set before the onset of the recession. According to the mayor’s office and the city’s tourism agency, occupancy was 75.28% in 2013, only a slight increase over 2012, but higher than the 75.18% reached in 2007...Hotel Investors Flocking to Chicago
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