Luxury Langham Hotel to Anchor 330 North Wabash Redevelopment on Chicago's Riverfront

CHICAGO, Dec. 30, 2010 /PRNewswire/ -- Oxford Capital Group, LLC and Langham Hotels and Resorts announced plans to relaunch the development of a luxury hotel at Mies van der Rohe's 330 North Wabash, one of the most architecturally significant buildings on Chicago's Riverfront.  The new Langham Chicago Hotel, expected to open in 2012, will join The Langham Huntington, Pasadena and The Langham Hotel Boston as the third US location for Langham.  Including the flagship Langham Hotel London, which opened its doors in 1865, the Langham collection of hotels includes 22 locations open or under construction in eight countries, comprising nearly 7,000 rooms.

"We love the waterfront location and iconic building. We couldn't be more excited about planting the Langham brand in the heart of downtown Chicago and working with such a great local team," said David Hennefer, president of Pacific Eagle Holdings, a U.S.-based affiliate of Langham.

"On behalf of our entire Chicago development team, we are delighted to work with the visionary Dr. Lo, chairman and managing director of Great Eagle Holdings, and his dynamic Great Eagle/Langham colleagues to bring the illustrious and rapidly growing Langham brand to Chicago," said John W. Rutledge, president and CEO of Oxford Capital Group, LLC and managing member of Oxford OG Hospitality Chicago, LLC, the Chicago-based developer of the project.  Oxford OG Hospitality Chicago, LLC also includes senior principals of The Gettys Group, Inc.

Oxford and Langham take over development of the project from a prior joint venture that included Oxford. "We were approached by many of the leading luxury hotel brands during the last 30 months, but Langham quickly distinguished itself with its dedication and shared vision for this exciting project.  We look for winning opportunities, and this was something we could not pass up," said Rutledge.

The project is expected to result in hundreds of construction, architecture and design related jobs and as many as 500 permanent jobs once the hotel is open.  It is also expected to generate tens of millions of dollars of incremental tax revenues for various governing bodies during the next decade.

The hotel will occupy floors 2 through 13 and a portion of the first floor and riverfront plaza (representing approximately 375,000 square feet) of 330 North Wabash, a 52-story mixed-use building designed by renowned architect Mies van der Rohe.  The hotel is expected to house approximately 330 guestrooms and suites ranging from 525 square feet to well over 2,000 square feet, some of the largest rooms in Chicago, and all will feature large 5-fixture bathrooms.  Guestrooms will have 9.5 foot ceilings with floor-to-ceiling windows providing dramatic views of the Chicago River, Lake Michigan and the Chicago skyline. The hotel will offer nearly 20,000 square feet of state-of-the-art facilities for meetings and social affairs, including a 5,000 square foot ballroom with 20 foot ceilings and spectacular urban and river views. A 9,000 square foot distinguished chef-driven restaurant will also be featured, as well as a wine room, fitness center, indoor pool and Langham's signature Palm Court and award winning Chuan Spa.

The approximate 1.1 million square feet of high-quality office space in the upper floors and an adjacent 900 car parking garage are owned by Prime Group Realty Trust, an unrelated entity.

"During the past several years, we've been dedicated to repositioning Mies' architectural masterpiece into a modern and dynamic mixed-use property, and having a hotel anchoring the building has been integral to this goal," said Jeff Patterson, president and CEO of Prime Group Realty Trust. "As Chicago's newest five star hotel, The Langham Chicago Hotel will undoubtedly be a great asset for 330 North Wabash's tenants, visitors and guests, and we're proud to have such a well-regarded luxury brand now a part of this high profile Chicago asset."

SOURCE Oxford Capital Group, LLC; Prime Group Realty Trust