With the turbulence in world credit markets continuing to gyrate aggressively, the Chicago-based Strategic Hotels & Resorts has put the breaks on the Aqua Building.

The Aqua Building is currently under construction and adjacent to the company’s Fairmont Chicago Hotel.

“Despite the opportunities this property presents, the financial markets and economic operating environment have changed significantly since we first entered into the agreement to purchase the space in 2006,” said Laurence Geller, president and chief executive of Strategic. “We remain committed to our thoughtful and disciplined business approach which, given the higher cost of capital, escalating total project costs and our dedication to maintaining sufficient liquidity for all market conditions, makes it imprudent for the company to proceed at this time.”

The company will swallow $36 million in charges during the third quarter as a result.

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