Chicago Bears’ Migration to the Suburbs Could Ultimately Bring Demand Blitz to Chicago’s Hotel Market
The National Football League’s (NFL) Chicago Bears are planning to move from their iconic Soldier Field location to a new stadium in Arlington Heights, Illinois, a Chicago suburb. With a struggling, but recovering, Chicago hotel property sector, the magnitude of the Bears franchise moving from Chicago’s South Loop to Arlington Heights is causing some uncertainty for Chicago hotel owners, operators, and lenders.With this move, there may be risk to hotels in Soldier Field’s immediate vicinity, while the hotel market in Chicago’s northwestern suburbs may see a potential boom in the years following the move. Judging from research on hotel markets from prior NFL teams’ moves, the impact of the Bears’ relocation may be relatively light; however, the proposed new domed stadium in Arlington Heights will be able to host larger non-football events than Soldier Field, which could bring significantly increased demand to the Chicago market in the long run.
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