HFF Arranges $39M Loan for Chicago Hotel
- Feb 28, 2018
HFF has secured a $38.7 million loan for the acquisition and renovation of Chicago Marriott Schaumburg, a 398-key hotel located in suburban Chicago. The firm worked on behalf of the borrower, an affiliate of Arbor Lodging Partners, to secure the three-year (and one-year extension), floating-rate loan with Ladder Capital. Arbor Lodging Management is overseeing the property. This purchase marks Arbor’s first acquisition in the Chicago market.
The 13-story hotel offers 183 double and 211 king guest rooms as well as four presidential suites. Located at 50 N. Martingale Road in the Chicago suburb of Schaumburg, the Marriott property is close to a selection of golf courses, the city’s downtown and the Woodfield Corporate Center complex—a Class A office building totaling more than three million square feet. Additionally, the asset is less than a mile from Woodfield Mall, the largest shopping center in Illinois, with more than 2.2 million square feet of restaurant and retail space.
Built in 1983 and renovated in 2007, the hotel offers 21 meeting and event rooms totaling roughly 18,000 square feet. Other features include:
- fitness center
- business center
- indoor and outdoor swimming pools
- two restaurant venues
- valet dry-cleaning
- on-site laundry
- beauty shop
Major renovation plan
The new owners plan to upgrade all guest rooms and bathrooms, the lobby, the dining rooms and the meeting facilities. The property will continue to operate as a Marriott hotel. Senior Director Jeff Bucaro and Associate Nicole Aguiar, along with Managing Director Tony Malk and Directors Matt Enright and Bryan Rosenberg, were part of the debt placement team that represented the borrower.
In another recent deal, HFF represented the seller and procured the buyer, Hertz Investment Group, in the acquisition of a Class A three-building office property in Houston.
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