JLL Capital Markets announced today 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. 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. 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.
“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.