British investors are to be offered the chance to buy a stake in a new 74-storey tower in Chicago. The Times

The Mandarin Oriental Tower, part-luxury residential block, part-opulent hotel, will cost $600m (£302m) to build and at 784ft tower will be the ninth-tallest building in Chicago.

Private equity group Bridgepoint and estateg agent Movewithus will sell off-plan hotel rooms and flats in the tower, with the hotel investor receiving an income based on the occupancy of the room.

A total of 252 hotel condominiums and 250 private residences are planned. The cheapest room is on sale for $600,000, while top-of the-range presale will be up to $4 million each. Penthouses in the will cost up to $28m.