The Hyatt House Chicago, located in the West Loop, is a new, fourteen-story hotel structure built to accommodate both tourists and out-of-state McDonald’s employees training at the newly built downtown headquarters nearby. The hotel contains a total of 200 guest rooms and first-floor commercial/retail space. Typical amenities include a parking deck on the second floor, a guest kitchen and lounge area on the third floor, and an indoor pool and fitness room on the fourteenth floor. Additionally, the building contains an outdoor terrace overlooking the city skyline on the fourteenth floor.
The hotel was constructed by Skender Construction Company at a cost of $45.5 million dollars and completed in the summer of 2019.
AKT Peerless utilized our experience in hotel construction and cumulative cost data to perform a preliminary review of the hotel project prior to loan closing. The initial review helped pinpoint any major factors that could potentially impact the original proposed budget or schedule throughout the duration of the project.
AKT Peerless’ presence at monthly Owner Architect and Contractor meetings provided regular insight into any design or scheduling changes to the project. The information at the meetings was regularly communicated to CIBC Bank USA so they could carefully manage any financial risks throughout the various stages of construction.
AKT Peerless’ comprehensive monitoring services provided CIBC Bank: Protection from liability exposure during the initial review of the construction documents. Recommendations for budgetary contingencies to account for unforeseen conditions. Recurring updates on any potential risks or modifications to the construction design throughout the construction. Assurance that the monthly disbursements of loan funds were not premature but were consistent with the appropriate project milestones.