Police said it happened at around 1:43 a.m. in the 300 block of East Wacker Drive.
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Two men got into an altercation while riding inside a hotel elevator, police said.
The argument escalated and both men exchanged gunfire, according to police.
The 33-year-old was shot in the arm and taken to Northwestern Hospital, police said.
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The other man took off and has not been located.
A weapon was recovered from the man shot and charges may be pending against him, police said.
Area 3 detectives are investigating.