What is average price of a Chicago hotel?

The purchase price can or could involve between big bucks and very big bucks depending on the footprint (area) , location (properties on the loop or adjacent to Lake Michigan will draw a premium) and the current condition, most recent major upgrade and proximity to major landmarks would all have to be factored in. The distance away from the city's center must always be considered.

If all you require is a crib for the night, there are flop houses priced at below $30 and even some that charge by the hour. Luxury accommodations are readily available at rates exceeding $5,000 per night, but expect to pay no less then $200 per night for a decent single.