McCormick Place’s only on-site hotel, Hyatt Regency, announced Tuesday that it had begun the first phase of its expansion, starting with construction of its second tower.

The new tower will have roughly 460 new rooms, including 12 suites and two premium suites, according to a press release. The new tower is slated to be finished in mid-2013.

The next phase, which will begin in spring 2012, will redesign and expand the Hyatt’s coffee shop, Daily Grind. The third phase will expand and renovate the main lobby and its existing 800-guest tower.

The overall investment in the site will be roughly $110 million, according to a press release.

“Hyatt Regency McCormick Place plays very important role in Chicago’s top meetings and conventions every year given our proximity to one of the nation’s largest convention venues,” Tom Pagels, Hyatt Regency McCormick Place’s general manager said in an emailed statement. “We are thrilled to see this project commence which will help attract even more convention business to Chicago since the opening of the McCormick Place West building.”