INDUSTRY NEWS

The factors that drive the pricing of hotel rooms across the globe become more pronounced during a downturn, but the ways in which those factors play out have shifted due to the COVID-19 pandemic — a crisis like no other the hotel industry has experienced. Some of those shifts, while greater in magnitude, are already following patterns established in past downturns, but time will tell if other changes will be longer-lasting or even permanent, according to Matthew Burke, STR’s regional manager, Pacific, and Hannah Smith, senior consultant at STR. STR is CoStar’s hospitality analytics firm.

Chicago's Navy Pier is finally getting its first hotel.

On Thursday, March 18, Sable at Navy Pier, the 100th property in the Curio Collection by Hilton, will officially open its doors to the public, ushering in a new era of hospitality for the famed attraction.

"I could not be more thrilled to be at the helm of such a unique and monumental hotel. The Sable will truly serve as an international destination in Chicago, considered one of the top cities in the world," Laurent Boisdron, general manager of the Sable at Navy Pier Chicago, shared in a statement. "We look forward to sharing the extraordinary views, design, and excellent service that Curio Collection is known for and always achieves."

The introduction of a large-scale “major” casino resort is being sought by Chicago, as Mayor Lori Lightfoot confirmed that a request for proposal is to be issued during the early stages of next month.

A partnership of Oxford Capital Group and Gettys Group is facing foreclosure lawsuits on a pair of River North hotels as the pandemic continues to batter the city’s hospitality industry.

The developer partners defaulted on a combined $70 million in loans on the Hotel Felix and Holiday Inn Express Chicago Magnificent Mile, according to Crain’s.

Chicago hotels experienced their worst year on record in 2020. Yet, instead of addressing the many challenges facing the industry, the City Council is considering two ordinances that would delay getting people back to work and would also put their health at risk.

The first, the union-backed “Right to Return to Work” ordinance, would create burdensome regulations for an industry that is just struggling to keep its doors open.