From Crains Chicago --

"In recent months, lenders have filed foreclosure suits against the developers of a planned Mandarin-Oriental hotel near Millennium Park and a proposed Waldorf Astoria in Streeterville. In both cases, the lenders allege that the developers failed to pay back overdue short-term loans used to acquire the development sites."

"A hotel conversion of the Chicago Athletic Assn. property didn’t make sense because it would have cost so much to fix up the property and a hotel operator wouldn’t be able to charge the high room rates needed to generate an acceptable return, says Peter Dumon, president of Harp Group Inc., an Oak Brook-based hotel investor."

Foreclosure suit hits Chicago Athletic Assn. hotel conversion | Crain's Chicago Business

What should they do with with it now? Maybe an Upscale Gym Club?

Eric