Delayed Holiday Inn Express making progress in Schaumburg – Daily Herald

Significant progress is being made on construction of a long-delayed Holiday Inn Express hotel on Martingale Road in Schaumburg.

The 87-room facility just south of the Chicago Marriott Schaumburg would be the 31st hotel in the village and is ultimately expected to be accompanied by an adjoining 95-room, full-service Holiday Inn.

A Cook County Class 7C tax incentive has been approved for the overall project, but with the stipulation that it would not begin until both new hotels are open and operational.

Schaumburg officials did not know of an estimated completion date for the Holiday Inn Express Thursday, and representatives of developer EquityRoots Holdings LLC could not be reached for comment.

Schaumburg Economic Development Director Matt Frank said the progress reflected optimism for the post-pandemic hospitality industry in the area.

EquityRoots Holdings bought the 5.3-acre site in 2015 and won approval of the development plan in 2019, including that it would be built in two phases.

Proof of financing needed for the building permit to be issued was received last year and aboveground construction was able to begin, Frank said.

At the time of its approval in 2019, the total development cost for both hotels was estimated at $25 million.

Some tweaks to the original design of the Holiday Inn Express were approved in early 2021. The most significant included the replacement of an indoor pool with an outdoor pool and patio, and construction of conference rooms where the indoor pool was first planned.

Other changes involved modifications to some windows as well as the elevator tower on the roof.

The five-year 7C tax break allows for a reduced assessment to keep approved commercial enterprises competitive in Cook County. While such 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 then returning to normal.

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Delayed Holiday Inn Express making progress in Schaumburg - Daily Herald