Sterling Bay Opens Fulton Market Hyatt
The 200-key extended-stay hotel broke ground in 2018, with the developer financing the project through a $42 million construction loan.
Hyatt House West Loop-Fulton Market. Image courtesy of Skender
Sterling Bay has opened the Hyatt House West Loop-Fulton Market, a 200-key extended-stay hotel in Chicago. The firm broke ground on the development in early 2018. Skender acted as construction manager for the project.
The Canadian Imperial Bank of Commerce and the Republic Bank of Chicago provided a combined $42.4 million in construction financing, according to Cook County records. The combined mortgage matures in 2021.
Located at 105 N. May St., the property rises 14 stories in Chicago’s Fulton Market neighborhood. The submarket has taken off in recent years, now a center for mixed-use developments and a rapidly growing coworking scene. The hotel is within half a mile of 4.2 million square feet of existing office inventory, with 1.8 million square feet under construction, per data from Yardi Matrix.
The Hyatt House features 10 suites in addition to standard guestrooms, with floorplans ranging from 191 to 365 square feet. Amenities include a 24-hour fitness center, 1,498 square feet of meeting rooms, a rooftop swimming pool and a business center. Retail space is available on the ground floor.
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