JLL Capital Markets revealed today that it set up $76 million in acquisition funding for the St. Regis, a luxury, 192-key, high-end hotel in Chicago.
JLL represented the debtors, Gencom, GD Holdings and Magellan, to organize the loan through the lending institution, Värde Partners.
Found in the heart of downtown Chicago at 401 E Wacker Drive, the 101-story mixed-use high-rise building is Chicago's 3rd highest structure and the tenth highest structure in the nation. Admired as the most substantial addition to the Chicago horizon in a generation, the job redefines high-end hospitality offerings in Chicago, coupling an incredibly high requirement of item and surfaces with elegant style and a special place.
The St. Regis includes 192 large visitor spaces, consisting of 33 suites on 6 floorings and 80 floorings of property condo area, all with views of the Chicago River, Lake Michigan, Navy Pier and Millennium Park. Structure features consist of 5 food and drink outlets, conference and ballroom areas and a day spa with an indoor swimming pool, outside sundeck and physical fitness.
Placed at the doorstep of the city's leading leisure and business need generators, The St. Regis is simply a brief leave a few of Chicago's most revered landmarks consisting of Millennium Park, Navy Pier, the Magnificent Mile, Maggie Daley Park and more. Transport gain access to by means of Lake Shore Drive, Chicago Transit Authority bus and train paths uses visitors unrivaled connection around the city. The hotel has exceptional distance to 2 worldwide entrance airports, O'Hare International and Midway Airport, both being less than 20 miles away.
Chicago's Central Business District continues to show positives indications of healing after quarterly brand-new absorption levels reaches its greatest level given that the very first quarter of 2020. Chicago boasts a growing tourist market, being among the most checked out cities in the U.S. with 60.8 million visitors in 2019. The city continues to have an impressible rebound in leisure need and advances towards complete healing.
The JLL Capital Markets Debt Advisory group was led by Senior Managing Director Eric Tupler, Executive Vice President Jeff Bucaro and Analysts Mark DesLauriers and Jake Martin.
“The St. Regis is the very first 5-star hotel home integrated in Chicago in over a years. Offered the strong healing of the Chicago high-end hotel market integrated with the remarkable space quality, sizes, and facilities, we had numerous loan providers competing for the funding” stated Bucaro.