After sitting abandoned for many years, the building is currently undergoing a renovation and conversion into a Hotel Indigo.

Hotel Indigo is a chain of boutique hotels, part of the InterContinental Hotels Group.

Hotel Indigo competes with Starwood's Aloft Hotels.

Many of Hotel Indigo's competitors are trying to accomplish the same thing, but with slightly different interpretations.

Like Hotel Indigo, Hyatt Place is mostly situated in secondary cities and suburban or airport markets - places that generally do not now offer business travelers many options.

Rates at the new Hotel Indigo in Houston will start at about $155.

Hotel Indigo, Chicago Rate per night: $169.

Hotel Indigo was actually the first of these boutique hotel brands, with its first hotel opening in Atlanta in 2004.

Hotel Indigo, a chain owned by InterContinental, is a bit more polished.

A second Hotel Indigo will open in Chicago in June, and a third is under construction in Sarasota, Fla.