Civitas Capital Group today announced that it has closed a senior loan on the 168-key Embassy Suites by Hilton Chicago Naperville hotel located in Naperville, Illinois, a western suburb of Chicago. This loan will be used to refinance an existing loan on behalf of the owner, a joint venture between Brookfield Reinsurance/ANICO and Superhost Hospitality.
The all-suite hotel, developed by Superhost in 2015, is the newest full-service hotel in Naperville and caters to both business and leisure travelers. Naperville is located off the I-88 corridor, known as the Illinois Technology and Research Corridor, an economic center that is home to the headquarters and regional offices of businesses from a vast range of industries, including aerospace, healthcare, transportation and manufacturing, as well as scientific institutions, colleges, and universities. In addition to offering easy access to the city's key employers, the hotel sits in Freedom Plaza, a premier location featuring Naperville's top restaurants and bars, and is close to area attractions such as Naperville Riverwalk, Naper Settlement, Morton Arboretum, and Centennial Beach.
"The Naperville Embassy Suites loan perfectly aligns with a key strategy of ours," says Melanie Pugmire, Vice President, Lodging Investments, who served as co-lead on the transaction with Marisa Lizak, Managing Director, Investments. "Our Lodging team looks to invest in high-quality, globally branded, strong-cash-flowing hospitality assets located in the top 25 U.S. MSAs – assets that are owned and operated by well-capitalized, experienced sponsors."
Embassy Suites by Hilton Chicago Naperville features 168 guest rooms and a robust amenity package, offering complimentary breakfast and evening receptions as well as an indoor pool, fitness center, guest laundry, market pantry, outdoor patio and on-site restaurant, Brickstones Grill. Most notably, the hotel has nearly 14,000 SF of flexible event space that can accommodate meetings and banquets of any occasion and any size up to 1,000 guests.