The Palmer House Hilton's 1,642 guestrooms and suites feature vibrant, contemporary design elements and amenities styled after the historic Chicago hotel lineage and impeccable guest services.
NEW YORK – Thor Equities has secured a $420 million refinancing deal for the celebrated Palmer House Hilton in the heart of downtown Chicago, company executives announced today. The landmark property, acquired by Thor in 2005, is home to a 1,642 room, 23 story luxury hotel.
Jones Lang LaSalle represented Thor Equities in refinancing the current $365 million loan, moving to a more favorable $420 million loan with a lower interest rate, resulting in millions of dollars in savings per year. JP Morgan provided the 5-year floating-rate, CMBS loan. Overall, the refinancing deal provides Thor Equities with a significantly more flexible loan structure.
“Taking advantage of attractive interest rates and flexible loan terms is critical to creating a long-term successful business model in today’s hyper-competitive real estate market,” said Michael Schurer, CFO of Thor Equities.
The Palmer House Hilton’s 1,642 guestrooms and suites feature vibrant, contemporary design elements and amenities styled after the historic Chicago hotel lineage and impeccable guest services. A destination spot for shoppers everywhere, State Street draws millions of shoppers annually to its grand “retail palaces” and surrounding shopping opportunities with an annual retail sales volume approaching $1 billion. Other nearby retail options include Puma, H & M, Nordstrom Rack, Urban Outfitters and Forever 21.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
