CHICAGO-Bethesda, Maryland-based DiamondRock Hospitality Co., the lender on the 443-room Allerton Hotel, is looking for purchasers for its $69-million loan on the Michigan Avenue landmark. Last month, Petra Capital Management LLC, a New York-based hedge fund, put the property into Chapter 11 bankruptcy protection in order to defend a foreclosure suit filed by DiamondRock.
The real estate investment trust purchased the $69-million loan in May 2010 at a discount for $60.5 million. For the full story, go to Crain's Chicago Business .
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