“It was a bit fortuitous,” says the founder of Soho House, Nick Jones, of the long series of events that led him to the Allis Building, a former belting factory in the Fulton Market district. Three years ago, Jones toured the vacant property, saw its sweeping view, and says he knew in an instant that it could be transformed into the new Soho House Chicago.

After 14 months of construction, the new 40-room boutique hotel and social club opens today at 113–125 North Green Street, across from Green Street Smoked Meats and steps from Randolph Street. The first hotel near Restaurant Row in the West Loop, Soho House Chicago is also the London-based company’s largest property to date at 108,000 square feet. Two floors are open to the public and include two elevated restaurants (Chicken Shop and Pizza East), a large lounge space on the main floor, and the comfortable Cowshed Spa on the lower level.

But Soho House is also a private social club for “creatives,” the definition of which is vetted by a membership committee; for a fee starting at $1,800 a year, members, along with hotel guests, have access to the building’s remaining floors. A state-of-the-art fitness club—with a full-size boxing ring, punching bags galore, and studios for classes—occupies the second floor. Hotel rooms are situated on floors three and four; the fourth floor is also where you’ll find a movie screening room with red velvet chairs. The sprawling, fifth floor, dubbed the “club,” features a gorgeous wooden bar, three ping-pong tables, a DJ booth, a grand piano, a fireplace, and many cozy seating options. On the roof, a glass-enclosed restaurant shares well-designed space with an outdoor deck, striped daybeds, and an 80-foot, stainless steel swimming pool. The building has an unobstructed view of the city skyline—the view that sold Jones on the property.

Soho House Chicago has already been inundated with applications for membership, so, in the meantime, book a hotel room and try before you buy (from $240). The rooms—which are stunning—have tall windows, heavy drapes, rough-hewn wood floors, pretty wallpapers, curated furnishings, and fast, free Internet. The large bathrooms are also stocked with everything from toothpaste and condoms, plus a fun variety of Cowshed bath products. “Each [room] is very individual and generous in its amenities,” says Jones. “When you stay here, you’ll feel like you are staying at someone’s house.”

Take a photo tour of Chicago’s hot new hotel below.