The original Virgin Hotels site in downtown Chicago, just steps from the Magnificent Mile, will soon take on a new identity. Travel + Leisure Co. has announced plans to convert the iconic, 25-story building into a Sports Illustrated-themed resort. This follows the recent sale of the property for $77 million, with a targeted opening in late 2026.
A new era for the historic building
The property, at 203 N. Wabash Ave., will be rebranded as a 250-room resort. It is located just a block from Michigan Avenue, along the Chicago River. The site was previously home to Virgin Hotels, which opened in 2015. After selling the property at a loss earlier this year, Virgin Hotels will continue managing the building until its rebranding is completed.
The sale, made to a Michigan-based affiliate of Accelerated Assets, happened in June. While initial plans were unclear, reports confirmed that the building will now house a Sports Illustrated Resort. The resort will feature flexible ownership options, including points-based sales, expected to launch in early 2026.
A tribute to Chicago’s sports legacy
With its long history of championship teams and loyal fan base, Chicago offers a natural backdrop for the Sports Illustrated resort concept. The city boasts 40-plus championships across professional and college teams, which resonates with the spirit of the Sports Illustrated brand.
“Chicago is where legends are made,” said Geoff Richards, COO of Travel + Leisure. “This city breathes sports in a way few places can match, with a passion that runs through generations of fans. With this new resort, we’re creating a destination where that same championship spirit lives year-round.”
Developers said the resort will keep parts of the building’s historic architecture, including the grand staircase, while adding sports-themed amenities. Visitors can expect a full-service restaurant, sports bar, and coffee shop, creating a space where both sports fans and tourists can enjoy the city’s vibrant culture.
The Chicago site will be the third Sports Illustrated Resort. The brand already operates in the Dominican Republic and has announced projects in Alabama and Tennessee.
