Allerton Hotel Foreclosure
By Marcus Gilmer in News on May 17, 2010 9:30PM
The iconic Allerton Hotel, located at 701 N. Michigan Ave., is in foreclosure after its owners defaulted on $70 million in loans. A foreclosure lawsuit was filed at the end of April. The joint venture that owns the hotel purchased it for $84 million in 2006 and sank another $10 million into renovations. But in December, the hotel was appraised as being worth $60 million and revenue fell 23 percent from its 2008 totals, bringing in only $16.9 million in 2009.