Are Condo-Hotels Dead? Maybe Not.
We’ve been chattering about how the condo/hotel units at Trump Tower and the now canceled Canyon Ranch, may have been a flash in the pan in the housing boom.
But are they?
David Roeder, the Sun-Times real estate columnist, talks about a new condo/hotel building that is slated for Chinatown:
Wong has received zoning approval for another notable deal, a 175-room hotel that would have a pagoda-style roof. Meant to invoke ancient Chinese dynasties, his Grand Imperial hotel is planned for the southwest corner of Clark and Archer.
He’s selling the rooms as condo units, similar to the arrangement that’s available for Donald Trump’s downtown hotel but at lower prices. Wong said he has sales contracts on about 50 percent of the rooms and has promised to start construction in the spring.
Does this mean these units will work on the low end but just not the high?