New luxury Radisson planned for Chicago high-rise

Radisson is writing one of the biggest checks in company history for a posh downtown Chicago high-rise.

Carlson Hotels Worldwide announced Wednesday it would spend $125 million on the first American property in its upscale Radisson Blu line.

It's one of the most expensive purchases in a busy shopping season for hotel investors searching for distressed properties. But credits markets are still so tight Carlson is paying half upfront in cash.

Radisson will have 18 floors of the distinctive 81-story Aqua tower, so named because its varied balcony lengths create an undulating facade. The tower's previous partner backed out after the meltdown in 2008.

Carlson previously announced a $1.5 billion campaign to rebrand Radisson and build a handful of iconic upscale properties in major U.S. cities.