SOURCE: The Godfrey Hotel Chicago
CHICAGO, IL--(Marketwire - Oct 16, 2012) - Plans to open The Godfrey Hotel Chicago in 2013 were announced today by Oxford 127 Huron Hotel Venture Property Company, LLC, an Oxford Capital Group, LLC-led venture with Cube Capital, a $1.3 billion global alternatives investment manager. Situated at 127 West Huron Street in Chicago's trendy River North neighborhood, the 16-story upper upscale lifestyle hotel is adjacent to the Hotel Felix Chicago, another successful project led by Oxford. The new ownership acquired title to the partially complete property through an amicable deed in lieu of foreclosure from the prior developer earlier this year.
"We are excited to be completing this unique building. We believe The Godfrey Hotel will become instantly recognizable due to its prominent location, distinctive architecture, compelling interior design, its host of amenities and most important of all, an extremely high touch, customer friendly service ethic," says John W. Rutledge, founder and president of Oxford Capital Group, LLC, the Chicago-based developer, and its operating affiliate, Oxford Hotels and Resorts. "We are particularly happy to be contributing to Chicago's long heritage of ground-breaking architecture," he adds.
"The construction of The Godfrey Hotel in River North is a great example of a modern repurposing of a construction project to meet the needs of a growing community in the heart of Chicago's digital alley," said Mayor Rahm Emanuel. "The project will add 100 permanent jobs, boost economic development in the area, and enhance the City's diverse architecture. It will be a great building in a thriving community."
The independent, full-service hotel will include 221 rooms, with 194 graciously-sized studio suites and 27 one-bedroom suites with great views of the city skyline from all directions. Amenities will include a stylish, chef-driven restaurant and lobby bar and a 12,000 square-foot indoor/outdoor rooftop lounge and conference space accented with water elements, fire pits and greenery. This venue will allow for flexible indoor/outdoor events ranging from small corporate board meetings to social dinners and weddings of up to 150 guests, or receptions for 400 or more. Additional features include an elegant spa, 24-hour fitness center, two floors of parking, free Wi-Fi, and state-of-the-art-technology.
Oleg Pavlov, managing partner and head of real assets at Cube Capital, says, "We are very pleased that our investment capital has made it possible to complete construction of this unique building after it has been stalled for over four years. We hope it will become a prominent feature of Chicago's exciting cityscape."
The Godfrey Hotel is an iconic modern structure designed by Chicago-based Valerio Dewalt Train. Architect David Jennerjahn explains, "We conceived of the hotel's design as a taut wrapping of cubist forms that shift inward and outward to reveal the building's expressive structural frame. Both daring and honest -- a real Chicago building."
The interiors, designed by Gettys Design Group Chicago, reflect the building's striking architecture with a unique interplay of strong geometric forms and the impactful use of color. Guests will be welcomed into a marble-clad, elliptical lobby punctuated by sculptural seating groups and floor-to-ceiling windows. The fixtures and forms create an uplifting effect, inspiring guests and drawing them up to the expansive lounge and rooftop terrace. Here, dramatic skyline views form a backdrop to a creatively energized bar and fun, comfortable spaces, including dark polished stone, rich custom carpet, sculptural lighting and lushly upholstered seating. The guestrooms on the upper floors offer comfortable, functional style with contemporary built-in furnishings and top-quality bedding.
Just a few blocks from the front door is Michigan Avenue's famed Magnificent Mile, Navy Pier, the Theatre District, Millennium Park, and the Loop business and financial center. In the immediate vicinity, guests will also find art galleries, shops, nightlife, some of Chicago's most popular restaurants, and a growing concentration of high-tech companies. The property also affords guests easy access to freeways and mass transit.
"I was pleased to support plans to repurpose and complete The Godfrey Hotel," said Alderman Brendan Reilly of downtown Chicago's 42nd Ward. "This hotel project will create hundreds of new jobs and millions of dollars in wages and benefits for local workers when it opens next summer. I know The Godfrey Hotel will be a great addition to River North: one of the hottest, fastest growing neighborhoods in the Midwest. This is yet another positive sign the economic climate in Chicago continues to improve."
The Godfrey Hotel is expected to create 100 permanent jobs and over 200 construction jobs as well as generate tens of millions of dollars in tax revenues to the various taxing bodies over its first five years of operation.
For development information, contact Sarang Peruri at 312.755.9500. For hotel operations information, contact George Jordan at 312.447.2951.
About Oxford Capital Group, LLC
Oxford Capital Group, LLC is a diversified national real estate investment and development firm, focused on complicated, large scale acquisitions, redevelopments, and operational turnarounds, with an emphasis on hotels, resorts, conference centers, senior housing and other operationally intensive forms of real estate. Oxford's geographic focus includes high barrier-to-entry markets around the country, including Chicago, New York City, Washington D.C., Boston, Charleston, Los Angeles, San Francisco, and other select markets. Oxford and its affiliates have been involved in approximately $2.5 billion of real estate and private equity transactions, including approximately 12,000 hotel rooms. For information, visit www.oxford-capital.com.
About Cube Capital
Cube Capital is an independent alternative investment management firm that employs 52 people and manages approximately $1.3 billion. The company has offices in London, Hong Kong, Shanghai, Beijing, Moscow and Kiev. Its activities are spread across three main platforms: multi-manager hedge funds, single-strategy hedge funds and real estate private equity. Cube Capital has invested over $400 million of capital in property assets across the United States, Asia and Europe.