CHICAGO—JLL Capital Markets announced that it arranged $76 million in acquisition financing for the St. Regis Chicago, a 192-key hotel. JLL represented the borrowers, Gencom, GD Holdings, and Magellan, to arrange the loan through the lender, Värde Partners.
Located in downtown Chicago, the 101-story mixed-use skyscraper is Chicago’s third tallest building and the 10th tallest building in the country. The St. Regis consists of 192 guestrooms, including 33 suites on six floors and 80 floors of residential condominium space. Building amenities include five food and beverage outlets, meeting and ballroom spaces, and a spa with an indoor pool, outdoor sundeck, and fitness center.
The St. Regis is a short walk away from some of Chicago’s 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 offer connectivity around the city. The hotel has proximity to two airports, O’Hare International and Midway Airport, both being less than 20 miles away.
Chicago’s Central Business District continues to show signs of recovery after quarterly new absorption levels reached their highest level since the first quarter of 2020. The city continues to rebound in leisure demand and progresses toward 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.