Originally constructed in 1975, Four Seasons acquired the management contract for Ritz-Carlton Chicago in 1977. In 1985 it was decided that the number of guest rooms would be reduced to 435. Ritz-Carlton Chicago was designed and decorated in a classic luxury style with marble floorings and grand floral arrangements. Believing they lacked the brand recognition at the time in the area to attract a satisfactory client base they decided that with the purchase agreement that they would be able to maintain the historic Ritz-Carlton name indefinitely. Also under terms of the agreement, no other hotel is permitted to hold The-Ritz Carlton flag in the area (including The Ritz-Carlton Hotel Company) while the agreement is still in effect. Note the new Ritz-Carlton Residences will lack a hotel component.