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Boykin Lodging Investing $20 million in Rejuvenating
The Executive Plaza Hotel Chicago
Chicago, IL - January 2002 - The historic building with the instantly recognizable façade, anchoring the east end of Wacker Drive, The Executive Plaza Hotel at 71 E. Wacker Drive, will undergo a $20 million transformation in 2002. The magnificent new showcase that the Wacker Drive renovation will provide coupled with the dynamic creation of the yet to be named new hotel, will offer an outstanding complement to Chicago’s new landscape.
 
Cleveland-based Boykin Lodging, Co., (NYSE; BOY) owning partner of the Executive Plaza, wanted to give Chicago a hotel that befits the new Wacker Drive. “A rejuvenation of this scale by the city that will give Chicagoans better access to the loop, a new riverfront entertainment district and a beautiful new park directly in front of the hotel necessitated the creation of a hotel that complements the project,” stated Robert Boykin Chairman of Boykin Hospitality. “We want to thank Mayor Daley for the city’s investment to better the city which in turn allows us an opportunity to create a lifestyle hotel that caters to Chicagoans and visitors alike.”

The Executive Plaza's 40-story tower

The profound changes that the yet to be named hotel will undergo are dramatic. This stylish yet functional oriented project will also have a restaurant and lounge that will cater to a sophisticated, urban consumer. The hotel can best be described as a “lifestyle hotel” that will focus on the customer, and the experience they want.  To properly thank the city for the huge endeavor they have undertaken in the Wacker Drive renovation, the hotel has placed a heartfelt banner above the entrance that states “Thank you Mayor Daley for the Wacker Drive Renovation”. The renaissance of this area in the city, on the river and with unrestricted access to all that the city has to offer, made this the opportune time for Boykin Lodging to embark on this project.  

Boykin Lodging Company is a real estate investment trust that focuses on the ownership of full-service, upscale commercial and resort hotels.  The company currently owns 33 hotels containing a total of 9,249 rooms located in nineteen states, operating under such internationally known brands as Doubletree, Marriott, Hilton, Radisson and Embassy Suites, among others.  For more information about Boykin Lodging Company, visit the company’s web site at www.boykinlodging.com.

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Contact:
Boykin Lodging Company
www.boykinlodging.com

Also See Boykin Lodging Acquires 421-Room Executive Plaza Hotel in Downtown Chicago for $48 Million / Sept 1999 


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