Significant progress is being made on the construction of a long-delayed Holiday Inn Express hotel on Martingale Road in Schaumburg.
The 87-room property just south of the Chicago Marriott Schaumburg would be the 31st hotel in the village and should eventually be accompanied by an adjoining 95-room full-service Holiday Inn.
A Cook County Class 7C tax incentive was approved for the entire project, but with the stipulation that it would not begin until the two new hotels were open and operational.
Schaumburg officials did not know the Holiday Inn Express’ estimated completion date on Thursday, and representatives for developer EquityRoots Holdings LLC could not be reached for comment.
Schaumburg economic development director Matt Frank said the progress reflected optimism for the region’s post-pandemic hospitality industry.
EquityRoots Holdings bought the 5.3-acre site in 2015 and won development plan approval in 2019, including that it would be built in two phases.
Proof of the funding needed to issue the building permit was received last year and above-ground construction could begin, Frank said.
At the time of its approval in 2019, the total development cost for the two hotels was estimated at $25 million.
Some modifications to the Holiday Inn Express‘ original design were approved in early 2021. The most significant included the replacement of an indoor pool with an outdoor pool and patio, and the construction of conference rooms where the pool interior was originally planned.
Other changes involved modifications to some windows as well as the rooftop elevator tower.
The five-year 7C tax relief allows for a reduced assessment to maintain the competitiveness of approved business enterprises in Cook County. While these properties are normally assessed at 25% of market value, the 7C incentive would reduce the assessment to 10% for the first three years, 15% in the fourth year and 20% in the fifth year before returning to normal.