Buildzoom has obtained building permits that detail the conversion of the historic London Guarantee Building into a 450-room luxury hotel. Permits show the estimated cost of the conversion at $66 million. According to Buildzoom data, several additional millions have been spent in the past 12 months to prepare for the main renovation, including almost $9 million for foundation work and about $2.6 million to replace 1,152 windows. The 2014 construction and renovation costs total just under $84 million.

[threecol_two]It’s not yet clear what the new hotel will be called, but as others have reported, it will face competition from other hotels in the area. A recently completed Virgin Hotel situated nearby, Buildzoom was able to find, cost an estimated $52.5 million in construction costs in 2014 to renovate and upgrade.

The London Guarantee Building was originally completed in 1923 to house a British insurance company, but has changed hands several times since. It is situated on the Chicago River amidst other architectural jewels of the The Loop, Chicago’s central business district.[/threecol_two]

[threecol_one_last] [box]Address: 360 N. Michigan Ave.

City: Chicago, IL

Valuation: $66,262,973[/box] [/threecol_one_last]