New Marriott Marquis Brings Legit Competition for Other Large Hotels

Seems like the new Marriott Marquis which is the new hotel that was part of the McCormick Place expansion is affecting other large hotels in the city (via Chicagobusiness.com):

Investors in downtown Chicago hotels are getting their first glimpse at what competition from the new Marriott Marquis at McCormick Place could mean for their bottom lines, if the performance of one of the city's biggest hotels is any indication.

Pointing to the arrival of the 1,205-room hotel next to the convention center as a primary culprit, the owners of the Hilton Chicago reported last week that revenue per available room at the property fell by 6.1 percent year-over-year in the fourth quarter to $142.35.

Not shocking that this is the case and frankly probably a good thing for the neighborhood.  Agree?

(Hat tip:  VC!)