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WHERE IS IT? There is probably no more prime a piece of hotel real estate in Chicago than 800 North Michigan Avenue. It sits in viewing distance of the Chicago Lakeshore, smack dab in front of the historic Water Tower, right on Magnificent Mile.
WHAT'S IT LIKE? The 198-room hotel is the epitome of understated elegance. A passer-by would probably not stop and notice its ground floor front-distracted as they would be by the hubbub of commerce and activity in the downtown's most famous area--and would be so much the poorer for it. The stately hotel houses not only some of the best appointed guestrooms in Chicago, but also an art collection worth …