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Case Study

Palmer House Hilton, Chicago

​​​Having received significant capital renovations in recent years, the Palmer House Hilton is one of Chicago’s most desired hotel destinations delivering impressive returns. It attracted aggressive bidding as favourable capital markets afford lower interest rates, increased loan amounts and more flexible loan structures.

JLL’s Hotels & Hospitality experts structured a USD420 million refinancing package for the Palmer House Hilton, on behalf of Thor Equities, LLC. JP Morgan provided the five-year, floating-rate, CMBS loan.

“Thor Equities, LLC was able to capitalize on the market’s very attractive interest rates while the lending community was presented with an incredible opportunity to invest in a landmark asset backed by best in class sponsorship and the Hilton brand.” Matt Nowaczyk, Senior Vice President, Hotels & Hospitality Group

The 1,642-room hotel is on downtown Chicago’s State Street and Michigan Avenue, near the city’s largest employers, world-famous retailers, restaurants and cultural attractions. It features nearly 130,000 square feet of flexible meeting space, three food and beverage outlets including the renowned Lockwood Restaurant and Bar, a luxury spa and fitness centre.