The St. Regis Chicago represents the latest strategic acquisition by the two groups, marking both Gencom and GD’s entry into the Chicago market with the first new luxury hotel to be delivered in the area in over a decade
MIAMI, FL – May 15, 2023 – A joint venture between Gencom and GD Holdings, both privately held, internationally recognized owners, developers and managers of hospitality and residential projects, announced today the acquisition of the newly constructed, 192-key St. Regis Chicago, centrally located in the city’s Lakeshore East Loop community of Chicago where the Chicago River meets Lake Michigan.
The 5-star hotel occupies the first 11 floors within the three interconnected towers comprising the luxurious hotel and branded-condominium mixed-use project. The tallest tower at 101 stories is the third highest in the city and is the tallest building designed by a female architect – renown Jeanne Gang and her architectural firm Studio Gang Architects. In addition to spacious rooms and suites, the hotel features the nearly 12,000 square feet of meeting space, including the 5,000 square foot Astor ballroom, and 7,000 square feet of executive function rooms with magnificent and one-of-a-kind views of the city’s timeless landmarks, including the Magnificent Mile, Navy Pier, Grant and Millennium Parks. Boasting over 21,000 square feet of luxurious amenities including the exquisite St. Regis Spa, state-of-the-art fitness center with yoga and group exercise rooms, rooftop terrace, and indoor swimming pool, all of which are accessible from both the hotel and the 393-residence condominium component.
Chicago-based Magellan Development Group has overseen development of the hotel, which is also part of the Magellan-developed 28-acre Lakeshore East master development, one of Chicago’s most successful large scale mixed-use, residential developments in the city’s history. As part of the acquisition by Gencom and GD Holdings, Magellan will be retaining an ownership interest in the project.
The acquisition marks the first addition of a St. Regis brand to each of Gencom and GD’s growing hospitality portfolios, which includes distinguished brands such as The Ritz-Carlton, Ritz-Carlton Reserve, Four Seasons Hotels and Resorts, Hyatt, Rosewood, Fairmont, and Auberge Resorts. This also signifies the joint ventures first entry into Chicago, one of the nation’s top luxury hospitality markets.
“During the pandemic, Gencom saw a unique opportunity to purchase this asset while it was still under construction and strategically arranged to close on the transaction once the property was delivered,” said Gencom’s Chief Investment Officer Alessandro Colantonio, speaking on behalf of the joint venture. “From the onset, we recognized the long-term value of this investment given the strength of the Chicago market and the significance of opening the first luxury hotel downtown in over a decade. Through this acquisition, Gencom and GD also reinforces their relationship with Marriott International, adding yet another high-end hotel brand to each group’s growing hospitality portfolios.”
The St. Regis Hotel will also offer multiple extraordinary dining experiences that will set a new standard for Chicago’s hospitality landscape, encompassing five unique dining venues totaling 580 seats and 38,000 square feet of space. Two of the new restaurant concepts are being led and managed by Lettuce Entertain You Enterprises, Chicago’s acclaimed and largest restaurant company. The first restaurant Miru, located on the 11th floor, is a Japanese concept offering an all-day dining experience from Lettuce Entertain You Chef Hisanobu Osaka. The second restaurant Tre Dita, will be a Tuscan steakhouse in collaboration with award-winning Los Angeles-based Chef Evan Funke, which will open in the Fall of 2023.
Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com
Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world. Gencom’s portfolio also includes a distinct affiliated operating platform: Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe.
About GD Holdings
GD Holdings, LLC is a privately held real estate investment company headquartered in Denver, Colorado. The company was founded on a highly disciplined investment approach towards hard assets, specifically real estate, with a focus towards value creation, capital preservation, and enduring quality. The company encompasses a multi-faceted real estate business – fully engaged in the acquisition, development, ownership and management of hotels and commercial real estate assets. The depth of its in-house resources allows the company to address every element of the business including acquisition, planning approvals, financing, construction oversight, design, market research, asset management, financial accounting, reporting and legal. GD Holdings has significant direct investments in distinct real estate, including luxury hotels such as Four Seasons Hotels & Resorts, The Ritz-Carlton and St. Regis, alongside other distinguished brands by Marriott and Hilton. GD Holdings continues to actively pursue its growth of hospitality and commercial properties throughout the United States. The company is well-capitalized and building a portfolio of first-class, long-term assets in strong, diverse markets poised to thrive well into the future.
About St. Regis Hotels & Resorts
Combining timeless glamour with a vanguard spirit, St. Regis Hotels & Resorts is committed to delivering exquisite experiences at more than 50 luxury hotels and resorts in the best addresses around the world. Beginning with the debut of the St. Regis hotel in New York by John Jacob Astor IV at the dawn of the twentieth century, the brand has remained committed to an uncompromising level of bespoke and anticipatory service for all of its guests, delivered flawlessly by the signature St. Regis Butler Service. For more information and new openings, visit stregis.com or follow Twitter, Instagram and Facebook. St. Regis is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including complimentary nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com.
About Magellan Development Group
Magellan Development Group is a family-owned company that was founded in 1996. To date, Magellan is the premier developer of mixed-use properties in Chicago and has extended its footprint to other major U.S. cities, including Minneapolis, Miami, Nashville, Austin, and Somerville, MA. From conception to completion, Magellan looks after all aspects of the development process and has unique experience in interrelated fields of real estate design, construction management, development, development consultation, architecture, leasing, sales and marketing. For more information on Magellan Development Group, please visit: www.magellandevelopment.com.
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