A Chinese conglomerate which owns 57 five-star hotels across its home country is to invest US$900 million in a project in Chicago, involving the construction of the US city’s third largest building.
The Wanda Group is building a 350-meter high, 89-floor skyscraper in downtown Chicago which will house a 240-room luxury five-star hotel.
It will also have luxury apartments and a commercial centre; construction is set to begin this year and the hotel will open in 2018.
The development will be Wanda Group’s third overseas five-star hotel project, following the announcement of luxury hotels in London and Paris.
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"Investing in Chicago property is just Wanda's first move into the US real estate market," said Wanda Group Chairman Wang Jianlin, "Within a year, Wanda will invest in more five-star hotel projects in major US cities like New York, Los Angeles and San Francisco.
“By 2020, Wanda will have Wanda branded five-star hotels in 12-15 major world cities and build an internationally influential Chinese luxury hotel brand."
The company currently owns and operates 57 hotels across china under three five-star brands. It plans to become the world’s largest owner of five-star hotels in 2015 by expanding its portfolio to 96 properties.
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