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Rosemont Takes Steps To Add Two Hotels To Shuttered Edward Hotel Site


The Edward Hotel, on Mannheim just north of Higgins in Rosemont, has been closed since March 2020. (Journal photo)

A large, shuttered hotel in Rosemont on Mannheim Road north of Higgins Road and across from Des Plaines, will be divided into two new hotels and open to the public by Dec. 31, 2023.

That’s the plan that Rosemont Village Board members approved in a special meeting Monday in village hall. 

Developer Richard Curto, founder and CEO of Chicago-based Gateway Investment Partners, plans to soon purchase the closed Edward Hotel and a ground-level lot to the west where vehicles can park. The estimated cost to make the purchases is $8.75 million. After that, Curto plans to spend approximately $18 million to renovate the nine-story, 274 guest room hotel by creating a new Holiday Inn and Staybridge Suites on the site. The same number of rooms will be included in the new hotels.

According to an agreement worked out by Curto and the village, an incentive worth $6.5 million in tax increment revenue from Rosemont to the developer will be available. The hotel and adjacent property are part of a village-controlled Tax Increment Financing (TIF) district where over time, property tax income generated by new, more valuable property within the district is deposited into a special fund. Money from that fund can be used to attract new development for mainly public projects in that area.

“I think it’s great,” said Mayor Brad Stephens last Saturday. “I’m happy to have someone accept the property.” The Edward Hotel closed in March 2020.

These two new hotels join a growing list of lodging facilities in the Mannheim-Higgins area in both Rosemont and Des Plaines. Three more hotels are being developed on the former Wyndham Hotel property on Mannheim across from Pratt Street in Rosemont, and new hotels in Des Plaines at Touhy and Mannheim and on Mannheim north of Touhy are in the process of being developed.

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