Chinese firm pumping $900m into new Chicago hotel

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.

"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.