Assisted living facility, hotel renovations planned in Rolling Meadows
A hotel ownership group has unveiled plans for an $8.5 million redevelopment of the Holiday Inn site on Algonquin Road in Rolling Meadows that will include two refurbished hotels and an assisted living/memory care facility.
The existing 9-story, 119-room Holiday Inn at 3405 Algonquin Road will be converted to an Aloft hotel as part of a proposed $2.75 million renovation by Rolling Meadows Properties LLC, led by managing member Sam Patel.
Patel has inked a 20-year license with Aloft operator Marriott/Starwood, which will open its fourth Aloft hotel in the area - others are in Rosemont, Bolingbrook and downtown Chicago. Officials describe the upscale brand as providing a "hip-boutique experience" with an "urban industrial vibe".
An attached 2-story, 170-room portion of the old Holiday Inn centered around a "Holidome" - the indoor recreational atrium popularized by the hotel chain in the 1970s - will be broken off and converted into the assisted living/memory care facility as part of a $4 million project.
Officials say the atrium was becoming less popular with corporate hotel guests, but it's well-suited for a senior living facility and would otherwise be expensive to build from scratch.
Tapestry, a nationwide operator of senior homes, will manage the facility.
Meanwhile, the 5-story, 135-room Holiday Inn Express in the rear of the property at 3477 Algonquin Road will undergo $1.75 million worth of renovations to make it part of the hotel chain's Formula Blue Design concept, as a way to attract corporate travelers.
Representatives of Rolling Meadows Properties say both of their existing hotels have experienced occupancies below 50 percent, lagging the rest of the nearby Schaumburg and Northwest suburban market.
And the age and condition of the Holidome building, in particular, was why Holiday Inn owner InterContinental Hotels Group won't extend a temporary license after it expires in January 2018.
The firm is willing, however, to ink a new 10-year license for the Holiday Inn Express if renovations are made with the Formula Blue Design, which officials say should give it a fresh look and feel.
Plans for a new Holiday Inn and adjoining Holiday Inn Express at 30 and 40 N. Martingale Road in Schaumburg were approved by village trustees in March.
The Rolling Meadows economic development committee Wednesday recommended approval of a Cook County 7b tax incentive for the Algonquin Road project, which would allow the property to be assessed at 10 percent of market value for 10 years, 15 percent in the 11th year and 20 percent in the 12th year. Properties are normally assessed at 25 percent.
The city council will take up the issue July 25.
Exterior renovations on the existing Holiday Inn are slated to begin in September, before the hotel will close for good in January. The new Aloft could open in the first half of 2018.