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Canyon Ranch to Build Spa Condo/Hotel Tower in Chicago
Posted: June 27, 2007
page 3 of 7
There's even one in Wisconsin Dells, Wis. -- Sundara Inn & Spa opened last year, offering 12 condos and a spa that provides "purifying bath rituals" and organic spa cuisine, among other services.
The trade group doesn't track residential spa growth separately, but soon will, according to an association spokesman. It estimates that revenue for the approximately 14,000 spas of all types -- day spas, vacation resorts, mineral springs, etc. -- is growing 18 percent a year. Revenue for medical spas, the smallest niche in the industry, has grown from $134 million in 2004 to $469 million in 2006.
In Chicago, wellness care will be at the fingertips of the purchasers of Canyon Ranch's 257 condos and the 126 hotel suites. Condo prices range from $810,000 to $4 million and beyond; hotel suites range from $725,000 to $950,000, according to the company. Various health services are extra.
The building's owner and developer, Related Midwest, said 10 percent of the units were sold in the last two weeks, before active marketing began.
Kelly doesn't expect Chicagoans to blink at the costs because the promise of "wellness" is included. "We will work as a team and help people tailor a different life," he said.