The new hotel is expected to open later this year.

A near-completed hotel on Michigan Avenue that was slated to open as a Holiday Inn Express a couple of years ago now has a new owner, who is working to open the hotel later this year.

We have written several stories about the hotel, the most recent in November when we received word that a new buyer was working on purchasing the nearly-completed hotel from a bank. The good news is a deal was reached between the two parties and the hotel is expected to open as a Holiday Inn Express.

The property, just west of Telegraph on Michigan and adjacent to Toys R Us, landed in the hands of the bank when the original developer simply ran out of money and couldn’t finish the project.

The out-state buyer, who owns other hotels, intends to open as a Holiday Inn Express, a person familiar with the negotiations tells us.