Chicago’s next boutique hotel is certain to be a theatrical affair: 128 rooms sitting on top of the Shubert Theatre at 22 W. Monroe St. The historic, mid-rise Majestic Building houses the Shubert on its first eight floors, with offices on the upper floors.
The conversion of the Majestic Building into a hotel is a $25 million project, including $5.5-$6 million in public funds from The Loop Tax Increment Funding (TIF) district. The City Council approved plans for conversion, along with refurbishment of the Shubert including more spacious new seats, a new decorating scheme, larger washrooms and a larger lobby.
The Shubert and the Majestic Building are owned by the Nederlander Organization, the powerful New York-based theatrical dynasty that both produces shows and operates theaters. In Chicago, the Nederlanders own 50% of the Cadillac Palace as well as all of the Shubert, and present shows under the Broadway in Chicago label at the Shubert, Cadillac Palace, Ford Center/Oriental and Auditorium theaters.
The Nederlanders are co-developers along with Chicago-based Northern Realty Group. A hotel operator has not been selected yet, but the developers reportedly are seeking a brand name affiliation. The MajesticTheatre Building dates from 1906. The Shubert Organization purchased it in the late 1940’s and renamed the theater. The Nederlanders bought the house in the early 1990’s.
Show biz gossip says the Nederlanders, who are great rivals of the Shuberts, declined to rename the theater because of the cost of replacing the marquee. ?by Jonathan Abarbanel; jabar525@sprintmail.com.
