Acquisition Plan for Congress Hotel Falls Through

For those of you who were hoping for a glorious transformation of the dated Congress Hotel (a la the Blackstone Hotel), sounds like you're going to have to wait a little longer (via CRED):

Congress Hotel (via Curbed Chicago)

A plan to convert the Congress Plaza Hotel across from Grant Park into condominiums has fallen apart. A joint venture of two New York-based firms, Aimcap and Halcyon Development, that planned the project agreed to pay $275 million for the 871-room hotel at 520 S. Michigan Ave. but failed to secure the financing for the deal, according to a person familiar with the transaction.

The blurb goes onto say that the current owner has plans to update, but as the saying goes...don't hold your breath.