I just called the Hotel Raphael. Yes, they are renovating, mostly the kitchen and dining areas. Consequently there is no restaurant or room service. I asked about construction noise affecting the guests, and they said no. The hotel certainly looks gorgeous from the website, but I know from experience how deceiving those website photos can be. Nevertheless, if you get the great rate you are looking at, and don't mind the little trek from the airport, I wouldn't hesitate to stay there since the location is prime. But you would have to take a cab, or an airport shuttle from Midway. I only know of one company that runs these shuttles from Midway to the Loop. However, the cost for two ($30) might approach that of a cab.

The shuttle website (which is perpetually server-challenged): http://www.airportexpress.com/

Best, Joel