>Chicago's Allerton Hotel becomes latest, and largest, foreclosure

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>After loading up on debt near the top of the market, the owner of the landmark Allerton Hotel is all tapped out at the bottom.

A joint venture led by San Francisco-based Chartres Lodging Group LLC has defaulted on $70 million in loans on the 443-room hotel, according to a foreclosure suit filed at the end of April.

Known for its Tip Top Tap lounge — now a ballroom — the 86-year-old tower at 701 N. Michigan Ave. is now grabbing the attention of vulture investors trying to capitalize on its misfortune, caused by heavy borrowing and a severe slump in the downtown hotel market. The Allerton is the largest and latest downtown hotel to run into loan trouble in the recession, but it won’t be the last

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