High Quality Content by WIKIPEDIA articles! Sauganash Hotel (originally Eagle Exchange Tavern) is a former hotel; regarded as the first hotel in Chicago, Illinois. It was located at Wolf Point in the present day Loop community area at the intersection of the north, south and main branches of the Chicago River. The location at West Lake Steet and North Wacker Drive (formerly Market Street) was designated a Chicago Landmark on November 6, 2002. The hotel changed proprietors often in its twenty-year existence and briefly served as Chicago`s first theater. It was named after Billy Caldwell, an interpreter in the British Indian Department.