Sunday, October 10, 2010

Chicagos Hotel Indigo faces foreclosure

(Crain’s) — The turnaround of the local hotel market came too late for Hotel Indigo in the Gold Coast, which has been hit with a $27-million foreclosure lawsuit.

The owner of the 165-room property, an investor group affiliated with Chicago-based Neighborhood Development Corp., stopped making its monthly loan payments back in January, according to the complaint, filed last week in Cook County Circuit Court.

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