Wanda Group to build 89-story 5-star hotel, apartment in Chicago

Chinese property conglomerate Wanda Group plans to invest $900 million in building an 89-story five-star hotel and apartment complex in Chicago, news portal chinanews.com reported Tuesday.

The 350-meter-high building, located near Chicago's Millennium Park, will start being built this year and is expected to open to visitors in 2018 and will become the third-highest building in the city, according to the report.

The report said it plans to build more five-star hotels in major US cities including New York, Los Angeles and San Francisco within a year.

Wanda has expanded its portfolio of global holdings since 2013 with investments in London and Madrid. Its Chairman Wang Jianlin also noted in June 2013 that "the direction of Wanda's globalization strategy is targeting developed economies with mature markets and sound legal systems."

The company announced in June 2013 that it would spend around 700 million pounds ($1.2 billion) to develop a real estate project with British property firm Green Property in central London, including a five-star hotel.

Last month, it purchased historic skyscraper Edificio Espana in Madrid for 265 million euros ($361 million) and plans to transform it into a complex with a luxury hotel and a shopping mall.