US: Avantgarde Hospitality LLC a privately held hospitality investment firm, have announced the acquisition of Ivy Boutique Hotel in Ontario Street, Chicago.
The Ivy Boutique Hotel joins a roster of four Chicago hotels currently owned by the sponsors, broughtonHOTELS, who has been operating the property for the past year and introduced the Seller to Avantgarde. This brings the collaboration to four projects with broughtonHOTELS mid-west regional office based in Chicago. In an effort to provide enhanced quality products to the Chicago hospitality sector, Avantgarde Hospitality LLC and broughtonHOTELS plan to upgrade and rebrand The Ivy Boutique Hotel’s Sky Lounge rooftop bar space.
Larry Broughton, CEO of broughtonHOTELS, said: “We’re excited to have joined forces with Avantgarde Hospitality’s principals on our latest management assignment in Chicago. The hotel is already an amazing property, but we’re looking forward to renovating the Sky Terrace rooftop bar and bringing something sexy and new to Chicago.”
Frank Anderson, co-founder of Avantgarde Hospitality, added: “When Avantgarde Hospitality learned of the Ivy Boutique Hotel, we quickly realised that the asset was hiding in plain sight and were thrilled at the opportunity to acquire it. We look forward to increasing the visibility of this hidden gem, and to immerse the hotel in the local community.”
The Ivy Boutique Hotel features 63-rooms, the majority of which are suites with 675 square feet of accommodations. The hotel is less than 0.2 miles away from Chicago’s premier commercial district, Magnificent Mile, and only 0.9 miles from the Art Institute of Chicago. The property offers numerous amenities and services, including the Divine Lounge lobby bar and restaurant, room service, complimentary Wi-Fi, meeting and event space and a rooftop bar during the summer months, which will undergo a series of updates beginning in winter 2020 to ensure year-round usage.
Broughton said: “The Ivy’s outstanding location, contemporary ambiance and opulent accommodations reaffirms our commitment to the boutique luxury segment of the industry. We’re thrilled to see it through its transition into a new ownership group, and are looking to significantly expand the hotel’s profile in the luxury travel market.”
Sky Terrace’s $1.5 million renovation is expected to be completed by Memorial Day 2020.