CHICAGO--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces a $270 million refinancing for JW Marriott Chicago, a 610-room, full-service, Five-Star-award-winning luxury hotel in Chicago’s Financial District.
The HFF team worked on behalf of the borrower to place the five-year, fixed-rate loan with Natixis as lender. HFF will service the securitized loan, proceeds of which were used to refinance a maturing loan.
JW Marriott Chicago is the only Five-Star luxury hotel in Chicago’s Financial District. Completed in 1914 as a 22-story office building designed by Daniel Burnham in the Classic Revival style, the first 12 floors were converted into the 610-room hotel in 2010 with the remaining floors devoted to office space. The hotel is within walking distance from Willis Tower, Millennium Park, the Art Institute of Chicago, the Theater District and State Street’s retail corridor.
The HFF debt placement team representing the borrower included senior managing director Michael Kavanau, managing director Danny Kaufman, senior director Jeff Bucaro and associate Nicole Aguiar.
“It has been a pleasure to work with the team at Estein USA on this transaction. Their solid track record over the past 25+ years and their commitment to the property was evident in the quality of the asset,” said Bucaro
“The financing market’s strong response to the JW Marriott is a testament to the hotel’s dominant position in Downtown Chicago and its strong and stable operating performance. The quality of the property is evident from the first moment that you step foot inside the lobby,” said Kaufman.
About the JW Marriott
The JW Marriott Chicago is a 610-room hotel in the West Loop of Downtown Chicago. The hotel opened in 2010. Before the building was transformed into a luxury hotel with an office building on the upper floors, it served as the Continental & Commercial National Bank Building, designed by noted architect Daniel Burnham in the early 1900s. The JW Marriott Chicago features a full service seasonal Italian restaurant, The Florentine and The Lounge lobby bar, as well as a world-class spa. The JW Marriott Chicago is a property of UST XIX 208 S LaSalle, a German real estate investment fund managed by affiliates of Estein USA based in Orlando, Florida. UST XIX 208 S LaSalle became an equity owner of the JW Marriott Chicago in 2008. For more information about Estein USA visit www.EsteinUSA.com.
About HFF
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
