CBRE Arranges $33M in Financing for Hyatt Hotel
- May 03, 2018
CBRE Capital Markets has secured a $32.9 million loan on behalf of Phoenix Development Partners for the acquisition and renovation of Hyatt Regency Deerfield. The 301-key hotel serves north suburban Chicago and is managed by Aimbridge Hospitality.
“We found numerous lenders interested in providing the financing for Phoenix, a reflection of the strength of the location, brand and Phoenix’s redevelopment strategy for the property,” said Bill Howe, a vice president with CBRE and one of the brokers who arranged the loan, in a prepared statement. Senior Vice President Jonathan Rice also helped finalize the transaction.
The asset is located off the interchange between interstates 94 and 294. It is 20 minutes from Chicago O’Hare Airport and another short ride from Six Flags Great America Theme Park, Art Institute of Chicago and Sears Tower Skydeck. The area is home to several large corporations, including eight Fortune 500 companies.
In addition to the luxury hotel suites, the property consists of 20,000 square feet of meeting and event space, a bistro and lounge, as well as a Starbucks kiosk. Amenities include free Wi-Fi, a heated indoor swimming pool, 24-hour fitness center and on-site parking.
Image courtesy of CBRE