Ace Hotel Chicago to Close in Late January After $63 Million Sale

The Ace Hotel Chicago, the Fulton Market hotel that opened four years ago with a restaurant from giant chef Jason Vincent, will close at the end of January. The move was announced Wednesday evening via Instagram after crane It reported that the property was sold to Onni Group in Vancouver, British Columbia.

January 26 is when the Ace Hotel Chicago will “leave the building,” according to the property’s Instagram account. The space is across the street from Google’s Chicago headquarters, just north of Randolph Restaurant Row, and developers are hoping for a real estate boom after the pandemic. Guinness plans to open a nearby beer shop in 2023. Oni’s space plans are not clear, such as crane Reported that the deal is about 63 million dollars. Sources say Oni has interviewed a few of Chicago’s most popular restaurant groups to take advantage of the food and drink space.

An Ace spokesperson made the following statement:

Sterling Bay recently made the decision to sell the property that houses the Ace Hotel Chicago. With the sale of the building comes the end of Ace’s period in space, which includes Little Wild and Lovage. As of January 26, 2022, the hotel will no longer be part of the Ace group of hotels.

We’ve loved being part of Chicago’s rich and innovative cultural scene, and are deeply grateful to every employee, guest, and collaborator who helped bring our space into the West Loop. Chicago and its people are dear to our hearts and we hope to be back in the city before long.

After a City Mouse restaurant vacated the venue in early October 2020 due to the challenges of the pandemic, Alinea Group planned to take over the residence, which was thwarted after Chicago suspended indoor dining for a second time later that month as COVID-19 rates increased.

When plans with Alinea fell apart, Ace reopened his restaurant space with a simple name, The Lobby. It appeared on the same gas station sandwich that was served in City Mouse. Chicago hotels have struggled during the pandemic, as evidenced by another close shutdown announced Wednesday. The Rye Deli & Drink takes a layover until early spring at the Crowne Plaza West Loop. Most restaurants face labor challenges, however, many workers in hotels are affiliated with unions, which generally offer better wages and conditions versus independent restaurants. Winter isn’t Chicago’s main travel season, which is another challenge for hotels that have seen an increase in tourism over the summer and that have received a bit of a sting from a lack of business in 2020 due to the pandemic.

Outside the ground floor restaurant, the Ace Hotel also had a seventh-floor bar, Waydown, with handcrafted cocktails and aerial views of the city. Over the summer, it was rebranded to Little Wild. The space also had a coffee shop when it opened that was operated by Stumptown Coffee Roasters. The site gave the Portland, Oregon, coffee maker its only Chicago location.

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