The Sheraton Chicago Northwest will shut its doors Dec. 28.
The 65,000-square-foot indoor CoCo Key Water Resort, which was part of the development, will also close, the Chicago Daily Herald reported.
The Sheraton was planning to close, but Arlington Heights Mayor Arlene Mulder said a group was ready to buy the hotel and operate it under a new flag. However, the group was unable to secure the loan necessary to close the deal. The property is the largest hotel in town.
