HFF announces $64M refinancing for Radisson Blu Aqua Hotel, Chicago

                                       
                Radisson Blu Aqua Hotel, Chicago,  221 North Columbus, Downtown Chicago, IL  
                                    

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces a $64 million refinancing for Radisson Blu Aqua Hotel, Chicago, a 334-room, luxury, modern hotel in downtown Chicago.

Daniel Kaufman

The HFF team worked on behalf of the borrower, a partnership comprising Al Rayyan Tourism Investment Company (ARTIC), Magellan Development Group and Carlson Rezidor Hotel Group, to place the 10-year, fixed-rate loan with J.P. Morgan Chase & Company.  HFF will service the securitized loan, proceeds of which were used to refinance the prior first mortgage. 

Completed in 2011, Radisson Blu Aqua Hotel, Chicago occupies floors four through 18 of the Aqua Tower, an 82-story mixed-use building within the award-winning Lake Shore East Development, along Lake Michigan.

 This hotel marked the first U.S. location for the Radisson Blu hotel brand, which is an upscale brand that currently operates in 400 properties now open or in development, in more than 110 countries.

 The Radisson Blu Aqua Hotel, Chicago features a state-of-the-art, 12,000-square-foot ballroom; 28,500 square feet of meeting space; 8,000-square-foot fitness center; dedicated yoga space; a junior Olympic-sized swimming pool; indoor, two-lane lap pool; and Filini’s restaurant. 

The location at 221 North Columbus is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront.

Nicole Aguiar

The HFF debt placement team representing the borrower included managing director Danny Kaufman, senior director Jeff Bucaro and associate Nicole Aguiar.

“It was an honor to work again with the team at ARTIC, Magellan and Carlson to arrange this financing,” Kaufman said.  “Aqua Tower is landmark building in Chicago, and the Radisson Blu is one of Chicago’s trophy hotel properties.”

“Given the property’s excellent location and outsized market performance, there was very strong demand in debt markets to finance the asset,” Bucaro added.

Jeff Bucaro

“We are delighted to have again worked with HFF,” said Tarek M. El Sayed, managing director and CEO of ARTIC.  “This arrangement reflects ARTIC’s commitment to financial efficiency and to finding the optimum financing solutions, so enabling ARTIC to increase the operational efficiency of our portfolio and continue to deliver our expansion strategy. 

“We are proud to have the Radisson Blu within our U.S. investment portfolio; it is an iconic property, and we will provide our full support to ensure it maintains its leading market position. 

“With an investment portfolio across the U.S., Europe and MENA, we will continue to examine significant opportunities for the profitable expansion of ARTIC’s international hospitality and property portfolio.”

For more information on this transaction, please contact:

Kristen Murphy

Director, Public Relations

One Post Office Square Suite 3500

Boston

,

 Massachusetts

 02109

T: 617-848-1572

 |  M: 617-543-4873

krmurphy@hfflp.com

LinkedIn/HFF

Twitter/hff

Facebook/HFF

GooglePlus/HFF

Instagram/hff

|@|*

www.carlsonrezidor.com

 Twitter @carlsonrezidor

www.magellandevelopment.com.

www.facebook.com/ARTICQA.

Five New Models Unveiled at The Ritz-Carlton Residences, Chicago, Magnificent Mile

Mike Golden

 CHICAGO, IL –With a nod to the surging luxury condominium market in downtown Chicago, NM Project Company, LLC, owner of The Ritz-Carlton Residences, Chicago, Magnificent Mile, has unveiled five new model homes at the boutique condominium building.

Comprised of 89 condominiums, this residence property is one of the city’s only high-end new-construction developments with homes available for immediate delivery.

Residences are priced from $900,000 to $10,000,000. For more information or to schedule a showing, call 312-266-8880 or visit www.heresidenceschicago.com.

“The market for luxury new-construction in the city is very strong and current inventory is limited,” said Mike Golden, co-founder of @properties, the exclusive sales and marketing firm appointed by NM Project Company.

“Buyers at the high end want the best finishes and amenities. At The Residences, they can enjoy timeless materials and exquisite craftsmanship as well as the extraordinary level of service only offered by The Ritz-Carlton.” 

Kathleen Malone

 The new model homes showcase a variety of floorplans and city views, including: Residence 22D, a one-bedroom, 1½-bath home with 1,423 square feet; Residence 17B with two bedrooms, 2 baths and 1,505 square feet; Residence 17C with two bedrooms, 2½ baths and 1,912 square feet; Residence 27F, a two-bedroom, 2½-bath with 1,937 square feet; and Residence 18A, with two bedrooms, 2½ baths and 2,240 square feet. 

“Unlike other buildings that may share services with a luxury hotel component, this is the only hotel-branded condominium building in Chicago in which a dedicated residential staff devotes its sole attention to residents and does not also have hotel guests to serve,” said Kathleen Malone, an @properties broker and the sales manager for the development.

“If a luxury homebuyer is looking for a lifestyle in which needs are anticipated and service is delivered consistently and effortlessly, then The Residences are in a distinct category.”

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

Lehia Franklin Acox, lfacox@taylorjohnson.com, 312-267-4511

Peter Olesker, polesker@atproperties.com, 312-334-8360