Assignment Overview
RobertDouglas advised 233 E Ontario Hotel Propco on the refinancing of its existing loan for the Ivy Hotel Chicago. The new floating-rate senior mortgage is with an institutional lender at highly attractive pricing.
Project Overview
Located in the heart of Chicago’s famed Magnificent Mile, the 63-key, 16-story Hotel is one of the neighborhood’s premier hotels. Built in 1973 as an office building and converted in 2012 to the Ivy Boutique Hotel, the Hotel was acquired by the Sponsor in January 2019.
With the vast majority of guestrooms measuring 675 SF, which far exceeds those of its competitors, the Hotel features floor-to-ceiling windows in a prime location in the #3 MSA in the United States.
The Ivy Hotel is known for having a high suite count and 3,100 SF Sky Terrace, featuring panoramic views of downtown Chicago’s stunning skyline.
Deal Highlights
| Client: Lender: Debt Proceeds: Key Count: | 233 E Ontario Hotel Propco Balance Sheet Lender $12.0 million 64 |
