McHugh Enterprises and First Investors, LLC have secured $92 million to refinance their Chicago South Loop hotel, Hiltons at McCormick Place, which combines a trio of hospitality offerings.
The interest-only floating rate loan was provided by Access Point Financial Inc. and arranged by Walker & Dunlop, which brokered more than 24 hospitality deals in 2024 for a volume of almost $1.4 billion.
The 466-key hotel generates more than $2.3 billion for the economy annually while serving roughly three million guests each year. Also, the property combines three hospitality brands to its experience: the Hampton Inn, Home2 Suites and Hilton Garden Inn. This is the only Hilton select service property that does that in the United States, according to First Investors and McHugh.
The site is connected to the McCormick Place Convention Center, known as the largest convention center not only in North America — but the Western Hemisphere, the two landlords noted.
"The Hiltons at McCormick Place is a highly efficient hospitality investment, delivering strong cash flow and outperforming its submarket peers running a +120% revenue per available room (RevPAR) Index,” Aaron Appel, senior managing director at Walker & Dunlop, who led the loan arrangement efforts, said in a statement.
“Performance is driven by surging Convention Center demand and the exceptional recovery & forward momentum of the Chicago Central Business District hotel market, which has seen a 13% year-over-year RevPAR increase.”
Some features at Hiltons at McCormick Place include a fitness facility, a pool and a skybridge that gets guests to the Convention Center.
While hotels are near the forefront of risk due to economic uncertainty this year, conditions notably improved in the second quarter. A LWHA Q2 2025 Major U.S. Hotel Sales Survey showed that trades increased roughly by seven percent, while total dollar volume rose about 17 percent, quarter-over-quarter.
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