SKOKIE, IL—Ultima Hospitality has gained a refinance loan for the 369-room DoubleTree by Hilton Hotel Chicago – North Shore Conference Center here.
Angelo Stambules, senior vice president, and Laura Wolinsky, vice president, Hunter Capital Markets, served as the borrower's advisors on the project. The structured financing involved senior and mezzanine loans for a five-year term.
“Like many markets nationwide, the suburban Chicago area continues to improve after the dramatic fall-off that occurred following the 2008/2009 financial crisis,” Stambules said in a statement. “Ultima Hospitality sought to refinance the loans that had been used to acquire, renovate and convert the hotel to the DoubleTree by Hilton brand in 2007. We sourced multiple quotes at competitive rates, which is a testament to the strength of the borrower, the hotel and the improving debt markets.”
Wolinsky said the availability of hotel financing continues to improve off the positive momentum that began last year. “We have seen a great deal of interest in hotel refinancing, as well as for hotel acquisitions and renovation projects. New construction lending is not as widely available, but is becoming increasingly accessible for strong borrowers, well-located sites and the right brands,” she said in the statement.
Hunter is a division of Hunter Hotel Advisors. Ultima is the management arm of Waterton Commercial Properties.