Schaumburg trustees Tuesday approved a revised construction time frame for planned Holiday Inn and Holiday Inn Express hotels, allowing the latter to be built and opened first.
Schaumburg Economic Development Director Matt Frank said the developer has indicated to the village that financing is now in place and construction is hoped to start this year.
While the entire project is expected to cost $25 million, developer EquityRoots Holdings had raised only $10 million by the time its representatives asked village officials for the revised time frame. This, they said, would allow them to generate revenue at the 87-room Holiday Inn Express to later build the 95-room Holiday Inn next door.
Schaumburg officials have also recommended the project's Class 7C tax incentive from Cook County not become effective until after both hotels are open.