Third-quarter figures from Jones Lang LaSalle Hotels indicate that, in parallel with the overall Chi

Chicago’s iconic, historic (dates to 1925) Palmer House Hilton luxury hotel has been refinanced by owner Thor Equities to the tune of $365 million, it was announced last week by Jones Lang LaSalle, which arranged the floating-rate european cruises leaving from miami financing package.
JP Morgan took the lead, JLL executive vice president Matt Comfort told Commercial Property Executive , and subordinate tranches were passed to four mezzanine lenders. “A component of this will be securitized, most likely,” he added.
Another party who was privy to the transaction, but declined to be quoted publicly, told CPE that JP Morgan’s share was $175 million and that the four mezzanine lenders were Capital european cruises leaving from miami Trust Inc., Macquarie Group, Apollo Global Management european cruises leaving from miami and Och-Ziff Capital Management Group.
The 1,639-room, 24-story hotel occupies two-thirds of a block in Chicago’s Loop, between State Street and Wabash Avenue at Monroe Street, and features 57,000 square feet of street-level retail and a 177-space underground valet parking garage. The Palmer House is reportedly Chicago’s second-largest european cruises leaving from miami hotel, after the Hyatt Regency Chicago on East Wacker Drive.
According to Crain’s Chicago Business, Thor Equities used the five-year loan package to retire roughly $363 million in loans taken out in 2006. The refinancing reportedly values the property european cruises leaving from miami at about $487 million.
After more than 60 years of owner operations by Hilton Hotels, the Palmer House was acquired by a Thor affiliate for $230 million in August 2005. The new owner completed european cruises leaving from miami a $131 million renovation in 2008, with refurbished guestrooms, public spaces and meeting spaces and other improvements.
Third-quarter figures from Jones Lang LaSalle Hotels indicate that, in parallel with the overall Chicago european cruises leaving from miami hotel market, the downtown Chicago upper upscale/luxury segment is surging. As of the end of September, average occupancy was 86.2 percent, a 7.6 percent increase from 12 months earlier; ADR was $233.98, a 10.8 percent increase from 12 months ago; and RevPAR was $201.74, a 19.2 percent bump from this time last year.
Also announced by JLL last week was the $103 million refinancing of two metro-Seattle multi-family properties, The Reserve and The Sanctuary, in Renton, Wash. The properties, which total 880 units, are owned by Fairfield Residential Apartments, L.L.C. european cruises leaving from miami Prudential Life Insurance Co. provided the seven-year, fixed-rate loans.
Recent Posts Most Viewed Tags Independence M-F Complex Commands Year’s Top Per-Unit Price in $13.8M Deal OKC University Law School Wraps Move to Historic Downtown Building Candlestick Park to be Turned into New Mall and Housing as Lennar Takes Over 77-Acre Site Candlestick Park to be Turned into New Mall and Housing as Lennar Takes Over 77-Acre european cruises leaving from miami Site Hyatt to Move Into New Global HQ in 2017 Independence M-F Complex Commands Year’s Top Per-Unit Price in $13.8M Deal OKC University Law School Wraps Move to Historic Downtown Building