Cheap Hotels in Chicago: Best Budget Stays Near Michigan Ave & the Magnificent Mile
On This Page:
- How to Find the Best Chicago Hotel Values
- When Are the Best Times to Visit Chicago?
- Chicago’s Best Value Hotels by Neighborhood
- Downtown/Loop
- 1. The Allegro Royal Sonesta Hotel Chicago Loop
- 2. Kimpton Gray Hotel Chicago by IHG
- 3. Staypineapple, An Iconic Hotel, The Loop
- 4. LondonHouse Chicago, Curio Collection by Hilton
- 5. Bluegreen Vacations Hotel Blake, an Ascend Collection Hotel
- 6. Silversmith Hotel Chicago Downtown
- North Michigan Avenue
- 1. The Whitehall Hotel - BW Premier Collection
- 2. Warwick Allerton Chicago
- 3. Hotel Saint Clair - Magnificent Mile
- 4. Freehand Chicago
- River North
- 1. The Royal Sonesta Chicago River North
- 2. 21c Museum Hotel Chicago
- 3. Godfrey Hotel Chicago
- 4. Aloft Chicago Downtown River North
- A Bit Further North, but Well Worth Considering
- 1. Hotel Versey Chicago Lincoln Park
- Plan Ahead for the Lowest Prices
How to Find the Best Chicago Hotel Values
“Cheap” isn’t a word you are likely to come across when you are looking for a hotel in Chicago, especially if you want to stay in the most sought after neighborhoods closest to the city’s action – downtown/the Loop, N. Michigan Avenue/Magnificent Mile, and River North.
But this doesn’t mean visitors can’t find hotels that offer better value than others. Perks offered by various hotels may include a free breakfast, a location within walking distance of prime sights you plan to visit, or discounts to popular museums and attractions. Every little bit helps when you’re on vacation, and even more-so when your destination is a world-class city that sports a higher price tag than less popular ones.
As you might expect, hotel rates are less expensive in suburban areas such as Oak Brook, Schaumburg, or during weekends near O’Hare Airport, but then you will have the added expense of renting a car if you’re not driving to Chicago from your home. Downtown Chicago parking rates can be a shocker, and some suburban hotels also charge a daily parking fee. Our advice is to leave your car at home, or if you’re flying in, skip the rental car altogether. The hassle and expense just isn’t worth it.
Author: TravelScape
Chicago skyscrapers
When Are the Best Times to Visit Chicago?
Not surprisingly, the most affordable time of year to visit Chicago is also the coldest, and potentially snowiest. But don’t let that deter you since the Windy City offers a multitude of fantastic indoor opportunities including museums, observatories, sports (NHL hockey and NBA basketball are top activities) and cultural events (opera, symphony, stage plays), and of course, shopping.
December to March is considered low season, when hotel rates are lower except if there is a large convention at the massive McCormick Place on Lake Shore Drive. Shoulder season is April/May and October/November, when rates are generally moderate (by Chicago standards), especially in comparison to the peak months of June to September. Airfares may also be lower during these non-peak months.
Close to and during major holidays such as Easter, Thanksgiving, Christmas, and New Year’s you should expect room rates to increase. But throughout the year, if you can avoid the most popular holidays and major conventions, you should be able to make plans for a very affordable getaway in Chicago.
Chicago’s Best Value Hotels by Neighborhood
Let’s take a closer look at some of the best hotel values to be found in neighborhoods close to the lakefront, specifically the downtown Loop, North Michigan Avenue, and River North. Our preferred go-to website for the largest selection of Chicago hotels in all price ranges and known for consistently competitive online prices is Travelated, which we highly recommend when the time comes for you to start planning.
Downtown/Loop
1. The Allegro Royal Sonesta Hotel Chicago Loop
Address: 171 W. Randolph Street, Chicago, 60601, IL, US
The Allegro Royal Sonesta Hotel Chicago, 171 W. Randolph St. This value leader in the Loop offers 483 comfortable guest rooms on 19 floors in the heart of the entertainment and financial district. Rated four stars, the former Bismarck Hotel is a 1924 art deco design that has been restored to the beauty of earlier days. Both Millenium Park and the Art Institute are a leisurely walk from the hotel.
Kimpton Gray Hotel Chicago, 122 W. Monroe St. A four-star rated 1894 converted New York Life office tower with 686 upscale rooms. The 14-story property was one of the world’s first skyscrapers and has been wonderfully restored with a contemporary and art deco vibe. Walk to Skydeck Chicago in the Willis Tower, Union Station, Chicago River cruise tours, Millenium Park, or to take a ride on the “El”.
Staypineapple, An Iconic Hotel, 1 W. Washington St. Rated four stars, this unique boutique hotel offers 122 comfortable rooms over 14 floors in the heart of downtown’s financial district. Take a walk along famed State Street, Riverwalk, or across the Chicago River to the Magnificent Miles shops. Staypineapple is located in the restored National Historic Landmark “Reliance Building.
4. LondonHouse Chicago, Curio Collection by Hilton
Address: 85 East Wacker Drive, Chicago, 60601, IL, US
LondonHouse Chicago (Hilton Curio Collection), 85 E. Wacker Dr. Located on the Chicago River in the heart of the action where the Loop, North Michigan Avenue, and River North neighborhoods come together, the LondonHouse Chicago is a four-star rated upscale property that offers terrific value, especially during the shoulder and low-season time periods. The 452 room property includes a 21-story historic 1923 tower, plus a new 22-story glass building that was added during its renovation. Views can be nothing short of spectacular from the rooms that face the river, especially in the newer tower with floor-to-ceiling windows. Within a few minutes’ walk are the Art Institute, North Michigan Avenue shopping, Riverwalk, and Millenium Park.
5. Bluegreen Vacations Hotel Blake, an Ascend Collection Hotel
Address: 500 South Dearborn Street, Chicago, 60605, IL, US
Hotel Blake (Choice Hotels Ascend Collection), 500 S. Dearborn St. Rated four stars, located in the South Loop, this 19th century restored building offers 138 rooms within walking distance of much of downtown. Nearby sites include the Art Institute, Skydeck Chicago observatory atop the Willis Tower, Grant Park’s Buckingham Fountain, and Millenium Park.
Silversmith Hotel Chicago, 10 S. Wabash Ave. Described as elegant and chic, this classy historic property offers 144 rooms with lofty ceilings, all-marble bathrooms, and a superb location. Conveniently situated in the Loop, Riverwalk, Navy Pier, Millenium Park, and the Art Institute are just a minutes away on foot. The four star rating deserves a plus, with this gem of restored century-old building being listed on the National Registry of Historic Places.
North Michigan Avenue
1. The Whitehall Hotel - BW Premier Collection
Address: 105 E Delaware Pl, Chicago, 60611-1403, IL, US
The Whitehall Hotel (Best Western Premier), 150 E. Delaware Pl. A popular hotel with travelers who want to combine a central location with plenty of hotel amenities and nicely comfortable accommodations, the 25-story, 439 room three star-rated (I give this one a +, too) Whitehall may be exactly right for you. If it is less than a five minute walk to the 900 North Michigan Shops, Water Tower Place, and the 360 Chicago observation deck sounds about right, this is definitely where you should make your home while in Chicago.
Warwick Allerton Hotel, 701 N. Michigan Ave. Location, location, location. For visitors who want to be within walking distance of some of Chicago’s most popular tourist spots, then the Warwick Allerton may be just what you’re seeking. Navy Pier is less than a mile on foot, and guests will be thrilled that Water Tower Place shopping, the 360 Chicago observation deck, and the 900 North Michigan Shops are each within five minutes of the Allerton. As for the hotel, the four-star rated property offers 443 first-class rooms in a 25-story tower that dates back to 1924, yet another Chicago art deco building that has survived, been restored, and continues to serve the city and its guests.
Hotel St. Clair – Magnificent Mile, 162 E. Ontario St. The 206 room, 16-story Hotel St. Clair is known as a casual boutique property in the heart of vibrant, urban Chicago. The hotel opened in 2022 in a beautifully renovated building dating back to 1920. Located just east is North Michigan Avenue’s upscale shopping area which includes Water Tower Place (Bloomingdale’s and the Shops at Northbridge (Nordstrom), and the 360 Chicago observation deck is an easy half-mile stroll away.
Freehand Chicago, 19 E. Ohio St. Excellent value for the money is what the Freehand is all about. Rated four stars with 217 rooms in a 17-story tower, the hotel is housed in a beautifully preserved and restored 1927 art deco-styled building. Public areas and guest rooms, of which there are numerous types including bunk beds in some, are considered trendy, quirky, and fun. Add the excellent location just two blocks from North Michigan Avenue shopping and just under one mile to Navy Pier, and the Freehand works nicely for many Chicago visitors.
River North
The Royal Sonesta Chicago River North, 505 N. State St. With 261 comfortable rooms in an ideal location, this four-star rated River North property is within a short walk to North Michigan Avenue Shopping, the Wrigley Building, Riverwalk, Gino’s East famous pizzeria, and just one mile directly west of Navy Pier.
21c Museum Hotel Chicago, 55 E. Ontario St. Stylish and filled with stunning artwork, guests feel like they are staying in a museum at the four star rated 21c. All 297 rooms have an upscale to luxurious feel, and the fabulous location just off of North Michigan Avenue is a short walk to world-class shopping, superb dining, and the spectacular view from the 360 Chicago observation deck. This is another property that we would add a plus to its overall rating.
The Godfrey Hotel Chicago, 127 W. Huron St. With 221 first-class rooms in its 16-story tower, the four-star rated Godfrey is an extremely comfortable property in a neighborhood filled with popular restaurants and clubs. With a friendly vibe that turns energetic in the evening, this chic property is favored with younger travelers who are seeking magnificent views from the rooftop lounge.
Aloft Chicago Downtown River North (Marriott), 515 N. Clark St. The 272-room, 17-story Aloft River North doesn’t have the feel of a chain hotel that has locations around the world. The three-star rated rooms are wonderfully comfortable and convey a sense of sophistication without being stuffy, and like other hotels described here, the addition of a plus to the rating is warranted. The River North neighborhood is known for its energy and wide variety of wonderful dining options, so guests staying here won’t go hungry during their Chicago visit.
A Bit Further North, but Well Worth Considering
Hotel Versey Chicago Lincoln Park, 644 W. Diversey Pkwy. The three-star rated Hotel Versey offers affordable comfort and a fun sports oriented atmosphere (Wrigley Field is up the street) in the heart of one of Chicago’s most active neighborhoods. With Lincoln Park and its free zoo just a mile away and North Michigan Avenue three miles south, you will escape the tourist areas and discover an abundance of local shops and restaurants. Visitors who prefer to embrace a local vibe will find this 137 room, four story hotel to their liking.
Plan Ahead for the Lowest Prices
We all know the phrase, “the early bird gets the worm”, and nothing could be truer than when it comes to travel. With more people traveling than ever before, and more frequently, if you are able to plan and book well in advance of your trip you could realize tremendous savings.
Additionally, if you have the flexibility to travel outside of peak season which will vary depending upon your destination, you will also be amazed at how much less expensive your getaway can be.
For example, you’ve never been to Disneyworld in Orlando and there are no children to cart along with you. Consider visiting during low season, which is during the fall when kids are back in school. Las Vegas? Summer may be hot, but prices are much cooler then, and especially midweek. Since you will most likely be indoors much of the time, summer in Las Vegas in an air-conditioned casino or lounging under an umbrella at an elaborate pool is rather nice.
The same is true of virtually all destinations. Travel during shoulder or low season can save you hundreds of dollars, euros, or yen on hotels and airfare, and better yet, the crowds won’t be there. Of course, no matter where you are going, Travelated has the best prices and widest selection of hotels.
Enjoy Chicago! It’s our kind of town.
