CHICAGO–Holliday Fenoglio Fowler, L.P. (HFF) announced 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.
