JLL Secures $70.M for Two Chicago Hotels
Thursday December 19th, 2013 - 10:15AM BS
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.