JLL Secures $70.M for Two Chicago Hotels
Thursday December 19th, 2013 - 10:15AM BS
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CHICAGO—On behalf of HCP Oxford OBG Wacker/Cass Property Companies, LLC, joint ventures led by Oxford Capital Group, LLC, Jones Lang LaSalee Hotels & Hospitality Group secured refinancing of Hotel Felix, receiving $47 million and for Hotel Cass-A Holiday Inn Express, receiving $23.5 million.
An international lender provided the 10-year, fixed-rate CMBS loans.
The properties are located here in the River North sub-market, about a half-mile from each other, and proximate the Magnificent Mile commercial strip.
Managing Director Mattew Comfort, EVP Keith Largay and VP Matt Nowaczyk led the JLL team on the transaction.
Hotel Felix, formerly an SRO, underwent redevelopment in 2009, reopening as a 225-key boutique hotel. The hotel is LEED-certified and features restaurant LM Bistro as part of its leased space, Asha Spa, a fitness center, a business center and three meeting rooms totalling more than 1,110 sq. ft.
Hotel Cass is downtown Chicago’s only Holiday Inn Express-branded property. The 174-key, select-service hotel features a fitness center, a business center and complimentary breakfast.
Tags: Jones Lang LaSalle • JLL • Chicago • Hotel Cass • Hotel Felix • Holiday Inn Express • Oxford • Hospitality • Brands • Sources of Funding •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.