Olshan Client Sydell Develops Hipster Hostel in Chicago

Crain’s Chicago Business reported that New York-based development firm Sydell Group Ltd. purchased the former Tokyo Hotel at 17-19 E. Ohio St. in Chicago with plans to open one of its Freehand hostels in the property. Recently, Chicago Curbed posted that the project has received its permit from the city to gut renovate the 16-story structure, developing around 250 beds, split roughly evenly between private rooms and dormitory-style suites. Guests will have access to a kitchen and a lounge, interiors will be designed by New York-based Roman & Williams Buildings & Interiors, and Sydell will open a bar called the Broken Shaker and a café in the lobby. Alexander Ferrini is representing Sydell with regard to its construction and design contracts for the development.