The boutique, luxury hotel at 105 E. Delaware Pl., just off Michigan Avenue, continues to undergo renovations. The mezzanine financing allows for upgrades to guest rooms, including the bathrooms, in a property recently recognized by Fortune magazine as one of the eight best small hotels in the world.
With $23 million in financing in place, the loan-to-value still is less than 60%, according to Aries Capital president Neil D. Freeman.
Built in 1928, the property was converted from multifamily rental use in 1972 to a hotel. A 1977 expansion connected the property with a neighboring building, now used for a restaurant, hotel administrative offices and storage.
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