Adaptive Reuse Project Developed into an Urban Full-Service Hotel

Murphy Development Group (MDG) purchased a 1927 office building in the Loop in downtown Chicago and redeveloped it into the very first Hyatt Centric hotel, featuring a high volume seasonal rooftop bar and a full-service leased restaurant operation. Financing included historic tax credits, which played an integral role in the viability of the project. The hotel ramped-up in six months, and based on the outstanding performance of the hotel, MDG was approached by a group that proposed a sale/leaseback arrangement. The ultimate deal was a huge success for MDG and its investors. Murphy Asset Management continues to provide asset management services for the project.