CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $66 million construction/permanent loan for the development of the 334-room Radisson Blu Aqua Hotel (top left rendering) within Chicago’s mixed-use Aqua tower.
HFF senior managing director Michael Kavanau (middle right photo) and director Daniel Kaufman worked on behalf of the borrowers, Magellan Development and Carlson Hotels, to secure the seven-year construction/permanent financing from MassMutual who was advised by the Chicago finance office of Cornerstone Real Estate Advisers LLC.
Total cost of the development is approximately $125 million.
Due for completion in September 2011, the Radisson Blu Aqua Hotel will occupy floors four through 18 of the Aqua tower, an 82-story mixed-use development within the Lake Shore East Development along Lake Michigan.
This will be the first U.S. location for the Radisson Blu hotel brand, an upper upscale brand that has more than 190 hotels in 47 countries. The location at 225 North Columbus is close to the loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront.
“Aqua tower is the crown jewel of the larger New East Side development and is an instantly recognizable part of downtown Chicago’s skyline,” added Kaufman.
Magellan Development Group is a Chicago based development company with a long track record of successfully operating in various market cycles and across numerous product types. The firm is led by Joel Carlins and James Loewenberg, two of Chicago’s most accomplished development professionals.
Carlson is a privately held, global hospitality and travel company headquartered in Minneapolis, Minn.
Carlson encompasses more than 1,075 hotels, including Radisson®, Country Inns & Suites By CarlsonSM, Park Inn® and Park Plaza®; more than 1,000 restaurants, including T.G.I. Friday’s® and Pick Up Stix®; and a majority stake in Carlson Wagonlit Travel®, the global leader in business travel management.
Carlson operates in more than 150 countries and its brands employ about 150,000 people.
Carlson encompasses more than 1,075 hotels, including Radisson®, Country Inns & Suites By CarlsonSM, Park Inn® and Park Plaza®; more than 1,000 restaurants, including T.G.I. Friday’s® and Pick Up Stix®; and a majority stake in Carlson Wagonlit Travel®, the global leader in business travel management.
Carlson operates in more than 150 countries and its brands employ about 150,000 people.
Contacts:
Michael A. Kavanau, HFF Senior Managing Director, (312) 528-3650,
Daniel A. Kaufman, HFF Director, (312) 528-3650, dkaufman@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
No comments:
Post a Comment