Can't quite tell if you realize this, but only the Hilton branding is new: the building itself is old enough that it definitely predates the concept of executive lounges. I believe the building is an Evanston city landmark, so between the age of the building, the size of the building (it's small relative to many other "big-city" Hiltons), and restrictions on landmark properties, Hilton may be limited in what they can do to the interior, even if they wanted to put in a lounge.

(Of course, your rant might still be appropriate if Hilton eliminated a lounge. I was in there a couple of times while I was a student at Northwestern, when the hotel was under its previous Omni branding, and don't remember there being a lounge -- but maybe they just didn't wouldn't admit its existence to a college student. )