Hotels Sheraton hotel to be built near Wrigley Field By Danny King / January 18, 2013 Share 1 -- The Ricketts family, owner of the Chicago Cubs, is building a Sheraton hotel across the street from the baseball team's home park, Wrigley Field. The hotel will be constructed on property where a McDonald's restaurant and a parking lot currently are. The hotel is part of an entertainment and retail project. About a half-billion dollars is being invested in upgrades to the neighborhood and ballpark, which was built in 1914. Starwood Hotels & Resorts, Sheraton's parent company, will become the Cubs' exclusive hotel partner. Starwood will have a Starwood Preferred Guest luxury suite behind home plate and will run promotions such as seat upgrades and trips to Arizona to see the Cubs during their spring training. Follow Danny King on Twitter @dktravelweekly.