Crain's Chicago Business reports:

Chicago Cubs owner Tom Ricketts announced Thursday that his family has signed an agreement to develop a boutique Sheraton hotel across the street from Wrigley Field.

A Cubs source told me that this deal is being made by the family only and the team is not involved. However, according to the Tribune:

But the development will be contingent on striking a deal with local governments to renovate Wrigley Field.

"Once we know how we can save Wrigley Field, the Ricketts Family is looking forward to the opportunity to build a hotel across the street. It could complement the neighborhood and its establishments while also serving fans and tourists," said family spokesman Dennis Culloton.

So it does seem connected to the team in some way, because the "catch" to building the hotel appears to be whatever Wrigley Field renovation plans are finally decided on.