The Cook County Medical Examiner identified the deceased as Amy Bustos, 21, and Husam Haddad, 25.
CPD said they were each found unresponsive with a single gunshot wound to the head in the Warwick Allerton Hotel about 4:54 p.m.
The medical examiner ruled Bustos' death a homicide and Haddad's death a suicide.
If you or someone you know is struggling with thoughts of suicide, you can reach out to the National SuicidePrevention Lifeline 24 hours a day at 800-273-8255.
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Chicago fire officials said Bustos was found first, and Haddad was found about 30 minutes later.
Bustos was transported to Northwestern Memorial Hospital, where she was pronounced dead, police said. Hadded died at the scene.
The discovery prompted a large police presence near Michigan Avenue and Huron Street, including officers with long guns.
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Multiple hotel guests said they were never notified by the hotel about the shooting. Messages left for hotel management have not been returned.
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"It's going to be a restless night," hotel guest Terri Green said. "I'm rattled. I'm rattled, and I want to love Chicago. And I do love it."
"It's a beautiful hotel, a beautiful location," hotel guest Abdi Shayesteh said. "I specifically picked this out so I can really explore a great part of the city, and it's sad to hear this happened."