X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The Chicago Marriott Downtown has been refinanced for $120 million, one of the largest hotel deals of the year. The financing was arranged by New York-based Sonnenblick-Goldman Co.

Details of the first mortgage deal, which involves The Carlyle Group lending to LaSalle Hotel Properties, were not released. However, Sonnenblick-Goldman managing director and principal Mark J. Gordon says, “As a result of the asset’s many attributes–physical quality, irreplaceable location, institutional quality ownership, strong performance both pre and post September 11 and strong brand affiliation–the interest we received from the capital markets was quite strong.”

The 46-story, 1,192-room hotel at 540 N. Michigan Ave. is 24 years old. It includes 55,000 sf of meeting space as well as two restaurants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.