1/17 Coming soon: A Cubs hotel

The Ricketts family, owners of the Cubs, have reportedly signed an agreement to build a hotel across from Wrigley Field on the northwest corner of Clark and Addison streets. Starwood Hotels & Resorts Worldwide Inc. announced Thursday that it will develop a boutique hotel affiliated with the Sheraton brand and the exterior design will fit within the current Wrigleyville neighborhood landscape and community.

The hotel would be built on the land that currently houses a McDonald’s restaurant, and would anchor a large scale entertainment and retail development. The Ricketts purchased the land in 2011 for $20 million. A McDonald’s restaurant would be included in any future redevelopment of the property, according to an agreement between the Ricketts family and the McDonald’s corporation.

The Ricketts family also own a parcel of land next to Wrigley Field but development of that property depends on a proposal to renovate the ballpark, which celebrates its 100th birthday in 2014. The family has been seeking state and local taxpayer incentives to help finance the proposed $200 million in renovations.

The Ricketts family was expected to discuss the Wrigley renovations this weekend during the Cubs Convention.

– Carrie Muskat

6 Comments

WHAT!?

Relax. You’ll be able to get the fish and fries. The Ricketts have an agreement that a McDonalds restaurant will be part of the development.

Maybe just maybe they should have put the $20 Mil into PLAYER PAYROLL…

Really shows that it is ALL about the cash and less and less about the product on the field!!!!

It is about the cash…being a business but I must think that the loooooong term cash revenues being put in place by the Ricketts that will EVENTUALLY find it’s way on to the field are all good things. The hotel is a GOOD thing. Good for the look of the neighborhood, good for the business, good for producing A PROFIT…on and on…. I for one think the hotel IS part of the long term, needed investment to turning this franchise into a viable business first, then a winning baseball team. All baseball teams need LOTS of money in order to become competitve and our Cubs are no exception. Some small market teams with less money sometimes will make the playoffs based on player development and some luck but none can argue that cash is essential and being a CHICAGO ML ball club in the unique (and restricted “confines” ha ha) of a smaller stadium and difficult city government means unique avenues of cash flow are needed, hence the hotel. I think Northmate all will be well and the hotel will be well recieved and help improve the team on the field…slowly but surely.

This is an old story. The hotel project was reported by WGN America many days ago. It is a bad idea. There goes the neighborhood. We do not need a boutique hotel. It would be equivalent to wearing brown shoes with a tuxedo. The typical Cubs` fan wants meat and potatoes, not wine and cheese.

I read on another blog that the money for the new hotel does not come from Cubs stock. This is a completely separate enterprise of the Ricketts and the Marriott. It also said that the hotel would be used to house visiting teams, etc. As long as they have a McDonalds for Mamma Mia’s fish filet than it sounds like a fine addition to the Wrigley area.

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