Once seized by the feds, Rosemont hotel undergoes $35 million transformation IHGhotels LandL_Rosemont
When developer Rich Curto's deal to buy an old car dealership in Barrington's downtown fell through, his real estate agent directed him to what would be an even larger and riskier investment in Rosemont.
"It was a bit eerie when we walked through the hotel," Curto remembers."In one of the back offices, we saw safes that the U.S. marshals had blown open. We saw lunches that were left. We saw coats that were there. The ballroom was already fitted out for a wedding with name tags. The U.S. marshals had shut down the hotel in 20 minutes and locked it up.""I'm starting to walk through and I go, 'Whoa, this has great bones, even though it's interior-wise run-down.
It marks the first time the two hotel brands, both run by IHG Hotels & Resorts, are under the same roof in the United States. But Curto says the dual-brand scenario has started taking off in the past five to 10 years. In July 2021, Curto secured up to $6.5 million in tax increment financing funds for the planned renovation of the Rosemont hotel, with the promise he would spend at least $26 million on the project and open before the end of 2023.
Schaumburg-based Hostmark Hospitality Group is in charge of operations at the hotel, which includes more than 3,000 square feet of first-floor meeting space, an indoor pool and a fitness center.
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