January 17. 2013 1:00PM - Last modified: January 17. 2013 1:54PM

Sheraton hotel to be built across street from Wrigley Field

More than a year after the Ricketts family paid $20 million for the McDonald's lot across from Wrigley Field, the Cubs ownership group announced an agreement Thursday to develop a boutique Sheraton hotel on the Wrigleyville site.

The new hotel is aimed at housing more tourists in the Wrigleyville neighborhood.

"Once we know how we can save Wrigley Field, the Ricketts Family is looking forward to the opportunity to build a hotel across the street. It could complement the neighborhood and its establishments while also serving fans and tourists," Ricketts family spokesman Dennis Culloton said in a statement.

Read more in Crain's Chicago Business.