May 27, 2009: HVS Capital Corp (www.hvscapital.com), as exclusive advisor, successfully arranged $26 million in first mortgage financing on the leasehold interest of the 521-room Holiday Inn Chicago Mart Plaza Hotel located in downtown Chicago, Illinois.
The proceeds from this loan were utilized to retire the existing debt and fund a portion of the nearly completed $24 million comprehensive hotel renovation.
The Holiday Inn is strategically situated on floors 14 through 23 atop the Chicago Apparel Center, adjacent to the 4.2 million square-foot Merchandise Mart. Among its full-service offerings, the hotel includes two food and beverage facilities, 20,500 square feet of meeting space, 200 on-site parking spaces, a business center, and fitness facility. The hotel is being managed by Hostmark Hospitality Group.
“Given the current environment, it’s encouraging to see that there are still a select number of lenders in the market who are actually closing new originations on good performing hotel assets” according to Michael Sullivan, managing director at HVS Capital Corp.
HVS Capital Corp is the investment banking division of HVS Global Hospitality Services. Its three core areas of service are financing, investment sales, and capital advisory. The Capital Markets Group of HVS Capital Corp, lead by Bill Underwood and Josh Heiney, specialize in arranging both debt and equity for hospitality real estate transactions.
HVS Capital Corp