Palmer House's New Owner Details $100 Million Renovation Plans

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. October 14, 2008

CHICAGO, IL, October 31, 2005. Following Hilton Hotels Corp.'s August sale of the historic, 1639-room Palmer House Hotel to Thor Equities, the new owners have detailed their plans for an extensive renovation that is expected to cost $100 million.

All guestrooms will be completely renovated, starting in spring 2006, a process that will take until 2010 to complete. Other highlights of the project include plans to build a 13,000-square foot spa on the building's fifth floor to be operated by an outside spa management company. The existing 10,000-square foot fitness center will double in size. The property's street level arcade will be upgraded and repositioned as a European-style market place.

Both the hotel's destination restaurant and bar are scheduled to change. While the restaurant reverts back to its original 1920s-era Victorian ambiance, Windsor's Bar will relocate to the main lobby and double in size.

Meanwhile, fire escapes from the 1930s will be dismantled from the hotel's exterior, allowing for new storefronts and improved visibility from guestroom floors above.