Conrad Hotels & Resorts reached an agreement with China-based developer Wanxiang America Real Estate Group for a new hotel about four blocks north of Conrad’s current downtown location.

The current Conrad Chicago will be reflagged under Starwood Hotels & Resorts’ Luxury Collection by December, Starwood said earlier this month. That 311-room hotel, owned by DiamondRock Hospitality, was built in 2001.

The new Conrad Chicago is scheduled to open next spring near the intersection of Michigan Avenue and Erie Street. The 20-story property will have 287 guestrooms.

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