Chicago Hotel Demand: Racked by glut of rooms
Chicago's hotel market is feeling the impact of declining demand, falling rates as new properties open, compete for tourists. The Wit, a boutique hotel that opened in the Loop last month, seeks to impart a playful, chic sense of humor on its guests. For local hoteliers, though, there isn't much to smile about. Hotel occupancy and average daily room rates have posted double-digit percentage drops over the first four months of this year compared with the same time last year.