Allerton Hotel faces financial trouble

March 17, 2010 3:30:22 PM PDT
It appears there is money trouble for a longtime Michigan Avenue hotel.

The Allerton has $79 million in overdue loans. Crain's Chicago Business reports its owners recently agreed to hand the property back to its lender. But that reportedly hasn't happened and no buyer has been lined up for the 25-story hotel.

In the 1920s, the Allerton was one of the first high-rises on Chicago's Michigan Avenue.