Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PALATINE, IL-The 195-room Double Tree Club Hotel at 920 E. Northwest Hwy. will be transformed into a Hotel Indigo, a Intercontinental Hotels Group brand. The conversion will come with the help of a $4-million mezzanine loan arranged by Boston-based Tremont Realty Capital, LLC.

“The additional mezzanine financing allowed the borrower to renovate and re-flag the asset into a new boutique Indigo concept,” says Tremont Realty Capital senior director Michael Hart. The 36-month loan, coupled with an existing $7-million mortgage, created new financing at 85% loan-to-cost, Hart adds, eliminating the need to take on partners.

The hotel, on four acres at the entrance to I-290/Route 53, was acquired by its current owner in 2001, according to property records. Among its competitors is the 429-room Sheraton Chicago Northwest, recently acquired by Denver-based Sage Hospitality Resources for nearly $20 million.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.