Laurus Corporation Completes $7.6 Million Renovation And Repositioning Of Chicago Renaissance O'Hare Suites Hotel
Conveniently located, upscale property debuts state-of-the-art facilities coupled with modern amenities
LOS ANGELES, Aug. 15, 2016 /PRNewswire/ -- Laurus Corporation, a U.S.-based real estate investment and development firm, recently unveiled the $7.6 million renovation of the Chicago Renaissance O'Hare Suites Hotel. The hotel is situated in a high-demand location, providing direct access to notable corporations and entertainment venues and positioned amid seven million square feet of Class A commercial office spaces in the O'Hare submarket including the corporate office parks in the Village of Rosemont.
The 15-story Chicago Renaissance property was completely redesigned to fit a modern, contemporary aesthetic. The hotel's 362 spacious guest suites are complemented by two concierge levels, a restaurant and bar, a Starbucks coffee shop, a full-service business center, fitness center, indoor heated pool and whirlpool spa, and approximately 21,552 square feet of meeting and event space, including 13 conference suites and a 5,000 square foot ballroom.
Additional updates to the hotel include a new, open lobby that features communal work tables, stylized seating areas and a library nook designed to meet the needs of business and leisure travelers. The property has also introduced a new elevated casual dining experience -Asado Urban Grill - under the helm of Executive Chef Tony Roldan. Corporate travelers have been receptive to the property's new look, praising the all-suites room product, stylish design and its convenient proximity in one of the most prominent office markets in Chicago near the area's leading business centers, diversified office tenant base and immediate airport access.
"The Chicago Renaissance is a great fit for the Laurus portfolio, as we were able to draw on strong underlying market fundamentals and maximize the hotel's earning potential through strategic upgrades that truly appeal to the business, upscale and leisure travelers it serves," said Jean Paul Szita, President and Co-Founder of Laurus Corporation. "The complete repositioning of Chicago Renaissance O'Hare Suites Hotel's leverages the strong brand recognition of Renaissance Hotels, while offering a better guest experience to draw a larger portion of the 75,000 travelers that pass through Chicago's O'Hare International Airport each month."
Located three miles from the Chicago O'Hare International Airport, one of the busiest travel hubs in the country transporting more than 66 million people per year, The Chicago Renaissance is in the heart of one of the largest and most diversified economies in the world. Chicago is the third most populous metro area in the United States, home to an estimated 9.8 million residents and eleven Fortune 500 companies and more than 400 major corporation headquarters. The city has seen steady, significant job growth and the gains are expected to continue.
About Laurus Corporation
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. With more than $1 billion in assets under management, Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. The company was founded in 1999 by Andres and Jean Paul Szita, and is affiliated with Ethika Investments, LLC, a real estate private equity firm.
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SOURCE Laurus Corporation
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