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Third-largest lodging market in the country ends 2013 on a strong note; lenders take notice
CHICAGO, Dec. 19, 2013 — On behalf of HCP Oxford OBG Wacker/Cass Property Companies, LLC, joint-ventures led by Oxford Capital Group, LLC, Jones Lang LaSalle (JLL) Hotels & Hospitality Group announced today the refinancing of Hotel Felix, receiving $47 million and Hotel Cass, receiving $23.5 million. Hotel Felix is located at 111 W. Huron St. and Hotel Cass is located at 640 N. Wabash Ave., less than a half-mile apart. The properties sit in Chicago’s River North sub-market in close proximity to Magnificent Mile. An international lender provided the 10-year, fixed-rate CMBS loans.
Managing Director Mathew Comfort, Executive Vice President Keith Largay and Vice President Matt Nowaczyk led the Jones Lang LaSalle team on this transaction.
“This transaction saw intense lender interest, as Hotel Felix and Hotel Cass benefit from experienced, superior sponsorship, and a strong operating track record. We expect Chicago’s strong lodging performance, which is being driven by gains in both average daily rate (ADR) and occupancy, to see continued growth in 2014 and the properties should continue their strong performance as well,” said Nowaczyk.
Hotel Felix, formerly a single resident occupancy, underwent a comprehensive redevelopment in 2009, reopening as a stylish 225-key boutique hotel. The hotel is Chicago’s first LEED-certified hotel and features noted 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 square-feet.
Hotel Cass is downtown Chicago’s only Holiday Inn Express-branded property. After a comprehensive renovation in 2007, the 174-key, select-service hotel features a fitness center, a business center, complimentary breakfast and classic décor in its guestrooms and public space. Both assets are proximate to numerous cultural attractions including Navy Pier, John G. Shedd Aquarium, the Art Institute of Chicago and Millennium Park.
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s app from the App Store.
About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
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