701 South Loop Studio Hotel
Facts
Lot Size: 0.08 AC
Property Type: Hotel
Building Size: 17,500 SF
Stories: 5
Year Built: 1930
Building Class: C
Parking Ratio: 2.7/1,000 SF
Location
701 S State St
Chicago, IL 60605
Property Overview
Transportation
Property Story
Mr. Frank Chen purchased this hotel in 2023 when it was severely underperforming. The property had been struggling for years, with consistently low occupancy rates and dwindling revenue. The hotel's reputation had suffered due to outdated interiors, poor maintenance, and a lack of modern amenities that guests expected. Many rooms were either vacant or rented out as long-term apartments, further diminishing the appeal of the property as a hospitality destination. The common areas were in dire need of renovation, with worn-out furnishings, outdated decor, and aging infrastructure that made the guest experience far from desirable.
Recognizing the location's untapped potential, Frank’s construction team initiated a comprehensive transformation. The renovation plan focused on revitalizing the interiors with modern designs, upgrading the amenities to meet contemporary hospitality standards, and implementing strategic digital and local agent marketing efforts to attract a new clientele.
The outdated rooms were fully refurbished with high-quality furnishings, improved lighting, and state-of-the-art technology to enhance guest comfort. The apartment-style rentals were phased out, restoring the hotel’s identity as a premium lodging destination. Additionally, key upgrades were made to the lobby restobar, creating a more inviting atmosphere for visitors.
Through these efforts, the once-struggling hotel was successfully repositioned into a thriving, high-occupancy establishment that attracted both business travelers and local students. Frank’s vision and strategic investments not only revitalized the property but also significantly increased its revenue and market value, turning it into a sought-after destination in the area.







