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Anatomy of a Historic Hotel Project

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Title: Anatomy of a Historic Hotel Project


1
Anatomy of a Historic Hotel Project
The Rebirth of Chicagos Blackstone Hotel
2
Anatomy of a Historic Hotel Project
Blackstones History Heritage Brian
Goeken Chicago Landmarks Project Profile
Compliance Issues John M. Tess Heritage
Consulting Group Project Profile
Implementation Ken Geist Sage Hospitality Projec
t Profile Financing Karen Jonas CBIZ
3
Blackstone A Chicago Landmark
Brian Goeken, AICP Deputy Commissioner, Landmarks
Division, Chicago Department of Planning and
Development
CHICAGO LANDMARKS
4
Blackstone Hotel 632-40 S. Michigan Ave. Built
1908-10 Architect Marshall Fox
5
Tracey C. Drake and John B. Drake
6
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7
Crystal Ballroom
8
Hotel Lobby
9
Barber Shop, Art Hall and English Room
10
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11
Warren G. Harding and the 1920 Republican
Convention
Presidential Suite
1912 Progressive Convention
12
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13
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14
Brian Goeken Deputy Commissioner Landmarks
Division Chicago Department of Planning and
Development
CHICAGO LANDMARKS
15
Project Profile Building Restoration
John M. Tess President, Heritage Consulting
Group Real Estate Redevelopment
Consulting http//www.heritage-consulting.com
  • Before After
  • Major Project Issues Physical
  • Major Project Issues Compliance
  • Certification Issues
  • Sustainability

16
Historic Preservation Tax IncentivesCase
StudyThe Blackstone Hotel
  • Location Michigan Avenue, Chicago, Illinois
  • Built 1910
  • Use Hotel
  • Building 23-stories
  • Historic Significance Architecture and Social
    History
  • Designations Individually listed as in the
    National Register of Historic Places in 1986
    listed as a City of Chicago Landmark in 1998

17
Blackstone Hotel Historic Postcard Images
18
Exterior Before Photos
19
Interior Before Photos
20
Project Issues
Corridors Demolition of the existing corridors
for new corridor design. Upper Floor Windows
Replacing non-historic windows for new energy
efficient windows. Guest Rooms Presidential
Suite and Smoke Filled Room retaining character
defining features. Michigan Avenue Balboa
Drive Facades Replacing the entrance doors,
canopy and ground floor windows. Ballroom Doors
Access doors did not meet fire code, but they
were considered a character defining feature.
21
Before After
lobby
ballroom
22
Before After
23
Before After
24
CompletedRehabilitation
25
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26
Real Estate Redevelopment Consulting John M.
Tess President 1120 W. Northrup Street Portland,
OR 15 W. Highland Avenue Philadelphia,
PA http//www.heritage-consulting.com
jmtess_at_heritage-consulting.com
27
Project Profile Implementation
Ken Geist Partner, Sage Hospitality Resources
  • Deal History
  • Building Structural Challenges
  • Hotel Use and Operations Issues

28
Deal History
29
Façade Restoration
30
Building Challenges
31
Building Challenges
  • Windows completely Replaced
  • Previously replaced in 1960s-70s
  • Did not conform to historic profile
  • Life Safety Requirement
  • Public restrooms for meeting space
  • Fire stairs and other code compliance
  • Accessibility (ADA)

32
Hotel Use Challenges
  • Preservation vs. Economics
  • Maximize Guestroom Key Count
  • Guestroom size, bathroom size
  • Meeting rooms
  • Physical Constraints
  • Meeting Room Configuration
  • Guestroom Corridors
  • Lower level half-floors

33
Sage Hospitality Resources, LLC 1512 Larimer
Street, Suite 800 Denver, CO 80202 (303)
595-7200 www.sagehospitality.com
34
Project Profile Financing
Karen Jonas CBIZ MHM, Inc. Director of
Hospitality Real Estate
  • Overview of Funding Structure
  • Tax Credits Other Incentives

35
Project Financing
36
Tax Credits Incentives (47.6 million)
14.9 m New Market Tax Credits Structure through
a leveraged model 14.7 m Federal Rehabilitation
Tax Credits Structured through a lease
pass-through model 18.0 m City Grants and
TIF Structured through a tax deferral model
37
CBIZ Business Solutions
  • Customized Services for success in the
    hospitality industry
  • Financial projections
  • Feasibility studies
  • Tax compliance and planning
  • Strategic business planning
  • Operations reviews and recommendations
  • Review of systems and cost controls

38
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