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| The 101-story mixed-use St. Regis skyscraper is Chicago’s third tallest building and the 10th tallest building in the country. |
CHICAGO, IL – JLL Capital Markets announced that it arranged $76 million in acquisition financing for the St. Regis, a five-star, 192-key, luxury hotel in Chicago.
JLL represented the borrowers, Gencom, GD Holdings and Magellan, to arrange the loan through the lender, Värde Partners.
Located in the
heart of downtown Chicago at 401 E Wacker Drive, the 101-story mixed-use
skyscraper is Chicago’s third tallest building and the tenth tallest
building in the country.
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| Eric Tupler |
Lauded as the most significant addition to the Chicago skyline in a generation, the project redefines luxury hospitality offerings in Chicago, coupling an extremely high standard of product and finishes with exquisite design and a unique location.
The St. Regis
consists of 192 oversized guest rooms, including 33 suites on six floors and 80
floors of residential condominium space, all with views of the Chicago River,
Lake Michigan, Navy Pier and Millennium Park. Building amenities include five
food and beverage outlets, meeting and ballroom spaces and a spa with an indoor
pool, outdoor sundeck and fitness center.
Positioned at the
doorstep of the city’s top leisure and corporate demand generators, The St.
Regis is just a short walk away from some of Chicago’s most revered landmarks
including Millennium Park, Navy Pier, the Magnificent Mile, Maggie Daley Park
and more.
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| Jeff Bucaro |
Transportation access via Lake Shore Drive, Chicago Transit Authority bus and train routes offers guests unmatched connectivity around the city.
The hotel has excellent proximity to two
international gateway airports, O’Hare International and Midway Airport, both
being less than 20 miles away.
Chicago’s Central
Business District continues to illustrate positives signs of recovery after
quarterly new absorption levels reaches its highest level since the first
quarter of 2020.
Chicago boasts a thriving tourism
industry, being one of the most visited cities in the U.S. with 60.8 million
visitors in 2019. The city continues to have an impressible rebound in leisure
demand and progresses towards full recovery.
The JLL Capital
Markets Debt Advisory team was led by Senior Managing Director Eric Tupler,
Executive Vice President Jeff Bucaro and Analysts Mark DesLauriers and
Jake Martin.
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| Mark DesLauriers |
“The St. Regis is the first 5-star hotel property built in Chicago in over a decade.
Given the strong recovery of the Chicago luxury hotel market combined with the exceptional room quality, sizes, and amenities, we had several lenders vying for the financing” said Bucaro.
JLL Capital
Markets is a full-service global provider of capital solutions for real estate
investors and occupiers.
The firm's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether investment sales and
advisory, debt advisory, equity advisory or a recapitalization.
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| Jake Martin |
For more news,
videos and research resources, please visit JLL’s newsroom.
About Gencom
Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms.
Contact:
Alli
Semans,
Public
Relations, Associate
Phone: +1 330 329 6750
Email: Alli.Semans@jll.com
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