Wednesday, October 24, 2012

PCCP Provides $16.5 Million Senior Loan to Continental Properties


Aloft Chicago O'Hare, Rosemont, IL
New York, NY -- PCCP, LLC announced  it provided a $16.5 million senior loan to Continental Properties for the refinancing of the Aloft Chicago O’Hare, a 251-key, six-story, Starwood-flagged, select-service hotel located at 9700 Balmoral Ave. in Rosemont, Il, near the Chicago O’Hare Airport. Continental Properties completed development of the Hotel in July 2008.

“The area immediately surrounding the hotel is undergoing a positive transformation with new restaurants, entertainment venues, and a 530,000-square-foot outlet mall,” said John Prete, vice president with PCCP, LLC.

John Prete
“We were drawn to this financing opportunity by the attractive basis and cash flow metrics, rebounding submarket, and the strength of Continental Properties and its hotel manager, Aimbridge Hospitality.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224

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