CHICAGO-Three boutique hotels situated in the Lakeview neighborhood have dodged foreclosure lawsuits as a loan servicer has agreed to reorganize the $25-million debt on the properties. A loan modification for the hotels has been approved by CWCapital Asset Management LLC.
The three hotels are Majestic, a 52-room building at 528 W. Brompton Ave., the 55-room Willows Hotel at 555 W. Surf St. and City Suites, a 45-room building at 933 W. Belmont Ave. Affiliates of Los Angeles-based Reliance Capital Partners LLC own the hotels. For the full story, go to Crain's Chicago Business.
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