Chicago hotel news: An opening and a possible foreclosure

Sadly, in this age of recession, were used to hearing tales of businesses laying off or closing their doors altogether. This week in the Chicago hotel industry brought more of the same...but also an inspiring new face on the scene.

Crains Chicago Business reported on Wednesday that Hotel Burnham, the State Street business thats part of the Kimpton Hotel trio in Chicago (along with Hotel Monaco and Hotel Allegro), faces a $36-million foreclosure. The owners stopped making monthly interest payments in July when the Loop hotel was no longer generating enough cash to pay them.

With occupancy rates down, many local hotels have struggled, but especially those that loaded on debt during the credit boom, Crains reports. The future of the hotel is uncertain, but the owners hope to modify the terms of the loan.

Surprisingly though, even in these financially troubled times, there are still businesses opening, like the long-awaited Elysian Hotel in Chicagos Gold Coast. The important to budget travel is to approach in front. When it comes along to family trips, globetrotting, well-deserved vacations and/or going to see new spots we have never been before, the fact of expense and budgeting is always in the back of our minds. Considering and consuming our travel budget correctly is a consideration for most families. Lowering spending and costs, while still experiencing your vacation to its fullest, is the key to guaranteed achievement and fiscal responsibility. Your pocketbook and family will thank you! The reasoning behind economizing money while journeying is simple: Even if your personal finances is incredibly tight, you can still take a break and enjoy life! Simply put, life is just too short to never step out of the door or departing the homestead! Also thinking about that while traveling, whether on a budget or not, even the smallest of things can all add op to a big vacation or travel charge!. The lavish luxury hotel, which was originally set to open in July, finally opened on Wednesday. Entrepreneur Mario Tricoci is a partner in the 188-room hotel, which features marble bathrooms, in-room working fireplaces and outdoor terraces. Luxury Travel Advisor visited the hotel late last summer when it was still under construction and reported on the hotels amenities.

Hotel details

11 E. Walton St., Chicago
www.elysianhotels.com

800-500-8511

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