Industry
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Plans Scrapped for Fairmont Chicago Expansion
Oct 10, 2008
Source: Chicago Real Estate Daily
Strategic Hotels & Resorts has abandoned plans to expand the Fairmont Chicago, given turmoil in the financial markets. The REIT was going to buy 15 floors in Aqua, an 87-floor tower under construction adjacent to the Fairmont. By backing out of the project, Strategic estimates that it will save $100 million.
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