Virgin Hotels Chicago
| Company type | Private |
|---|---|
| Industry | Hospitality |
| Founded | January 15, 2015 |
| Headquarters | Chicago , United States |
Key people | Richard Branson (founder of Virgin Group) |
| Products | Hotel services |
| Parent | Virgin Group |
Virgin Hotels Chicago—previously known as the Old Dearborn Bank Building or 203 North Wabash Avenue—is a landmark structure situated in Chicago’s Loop district. Originally designed for office use, it has been transformed into a hotel that operates primarily through a mobile app-driven service model. This 250-room establishment marked the debut of Richard Branson's Virgin Hotels boutique brand, specifically catering to the needs of professional women travelers.
Old Dearborn Bank Building
Positioned at the intersection of East Lake Street and North Wabash Avenue, the Old Dearborn Bank Building was erected between 1926 and 1928. Its facade features elaborate medieval and mythological terra-cotta ornamentation, characteristic of its period. The building’s neoclassical architecture, crafted by Rapp and Rapp, represents one of just two office projects by the firm. Shortly after its 1928 inauguration, the bank was purchased, and its parent institution was dissolved amid the economic turmoil of the Great Depression. This 27-story edifice, comprising 25 floors above ground and two basement levels, was officially recognized as a Chicago Landmark on June 4, 2003.
In April 2010, Urban Street Properties LLC took ownership following a default on a $9 million loan from John Hancock Life Insurance. The prior owners had acquired the property in 2001 for $9.5 million; however, the sale price in 2010 was not publicly disclosed.
Virgin Hotels Chicago
On October 24, 2011, Virgin Hotels—a division of Virgin Group—purchased the building for approximately $14 million in an all-cash transaction. Their objective was to launch their inaugural hotel here by 2013, featuring about 250 guest rooms. Renovation responsibilities were assigned to The John Buck Company, with Booth Hansen serving as lead architect. Interior design was managed collaboratively by Rockwell Group Europe and Virgin Hotels’ internal team. This acquisition was part of Virgin Hotels’ broader 2010 strategy to invest in undervalued North American real estate during economic downturns.
The hotel officially began operations on January 15, 2015, after delays linked to its landmark designation necessitated close coordination with the Commission on Chicago Landmarks. Preserved historic elements include a 1920s oak cigar lounge, brass elevator doors, and an intricately tiled ceiling. The final configuration offers a total of 250 rooms—comprising 40 single-room suites and two penthouse suites—all welcoming pets.
Restoration efforts adhering to landmark preservation standards involved replacing bricks, windows, and steel frameworks. The highlight is the Commons Club on the second floor, open to the public—a modern bar and lounge featuring a full kitchen, curated book collections, local artifacts, and comfortable seating—repurposed from what was once a banking hall. Additionally, four dining establishments were scheduled to open within three months following the hotel’s debut.
Guests interact with Lucy, a mobile application described as a "personal comfort assistant," which facilitates requests for pillows, room service orders, control of television and music systems, temperature adjustments, access to message boards, local recommendations, and communication with hotel staff.
Richard Branson underscored the transparent pricing model: "There won’t be hidden charges," emphasizing features designed to attract female business travelers such as enhanced safety measures and well-illuminated vanity areas tailored to their preferences.
Reviews
Jennifer Parker of Bloomberg Business drew attention to the hotel's innovative technology at its debut, though she raised concerns about its apparent focus on a specific gender. She pointed out shortcomings such as the gym facilities, toiletries, and the postponed opening of the spa. However, she appreciated the vibrant social environment, affordable minibar selections, and robust complimentary Wi-Fi. While certain design aspects appeared somewhat over-promoted, they still maintained an attractive quality.
Pulitzer Prize-winning architecture critic Blair Kamin from the Chicago Tribune praised the use of wildlife-themed elements and the effective partnership between developers and preservation advocates. He noted that Virgin Hotels Chicago sets itself apart from high-end establishments like Four Seasons Hotel Chicago or Ritz-Carlton Chicago, characterizing it as a skillful rejuvenation of a historically significant but secondary-tier building.