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| Laura Wolinsky |
SKOKIE, IL, April
24, 2013—Hunter Capital Markets, a division of Hunter Hotel Advisors, announced
today that it secured a refinancing of the 369-room DoubleTree by Hilton
Hotel Chicago – North Shore Conference Center in Skokie, Ill., on behalf of
Ultima Hospitality, a Chicago-based hospitality management and real estate
investment group.
Angelo Stambules, senior vice president, and Laura
Wolinsky, vice president, Hunter Capital Markets, served as the borrower's
advisors on the project. The structured
financing involved senior and mezzanine loans for a five-year term.
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| Angelo Stambules |
“Like many markets nationwide, the suburban Chicago area
continues to improve after the dramatic fall-off that occurred following the
2008/2009 financial crisis,” Stambules said.
“Ultima Hospitality
sought to refinance the loans that had been used to acquire, renovate and
convert the hotel to the DoubleTree by Hilton brand in 2007. We sourced multiple quotes at competitive
rates, which is a testament to the strength of the borrower, the hotel and the
improving debt markets.”
“The availability of hotel financing continues to improve
off the positive momentum that began last year,” Wolinsky said.
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| DoubleTree by Hilton Hotel Chicago – North Shore Conference Center |
"Improved conditions have enabled the Hunter Capital
Markets team to employ innovative ways to build the capital stack.
“Since its creation late last year, we have seen a great
deal of interest in hotel refinancing, as well as for hotel acquisitions and
renovation projects. New construction
lending is not as widely available, but is becoming increasingly accessible for
strong borrowers, well-located sites and the right brands.”
For a complete copy of the company’s news release, please
contact:
Jerry Daly
media
(703) 435-6293
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