Wednesday February 12th, 2014 - 9:41AM
NEW YORK—On behalf of Inland American Lodging Advisor, Inc., Jones Lang LaSalle’s Hotels & Hospitality Group arranged $68.5 million of acquisition financing for two Hotel Monaco properties.
A $27.5 million floating-rate, balance-sheet loan was provided by a money center bank on the Hotel Monaco Chicago. A regional bank provided a $41 million floating-rate, balance-sheet loan for the Hotel Monaco Denver.
The two hotels were purchase by Inland American last November.
The Hotel Monaco Chicago at 225 North Wabash Ave., is proximate the city’s central business district, cultural attractions and entertainment venues. The 191-key hotel features 4,100 sq. ft. of meeting space, South Water Kitchen restaurant, a fitness center and spa services.
The Hotel Monaco Denver at 1717 Champa St. in Lower Downtown Denver offers 189 rooms and more than 4,000 sq. ft. of meeting space, Panzano restaurant, a fitness center and full-service spa.
Hotel Investment Banking Managing Director Mathew Comfort and SVP Mike Huth along with Capital Markets EVP Keith Largay led the JLL team on this transaction.
“Both hotels are in excellent condition and benefit from experienced sponsorship, top-tier management and have a history of strong cash flow, making these attractive financing opportunities for lenders,” stated Huth.
Inland American Lodging Advisor, Inc., focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. It oversees 100 hotels with 19,438 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, Kimpton and IHG brands.