News Column

United States : THOR EQUITIES bags $420 MILLION refinancing deal for Palmer House Hilton in CHICAGO

August 30, 2014

Thor Equities declared that it has received $420 million refinancing deal for the celebrated Palmer House Hilton in the heart of downtown Chicago.

In 2005, Thor bought the landmark property, which is home to a 1,642 room, 23 story luxury hotel.

In refinancing the current $365 million loan, Jones Lang LaSalle represented Thor Equities, moving to a more favorable $420 million loan with a lower interest rate, resulting in millions of dollars in savings per year.

On the other hand, JP Morgan provided the 5-year floating-rate, CMBS loan.

"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 comprises Puma, H & M, Nordstrom Rack, Urban Outfitters and Forever 21.

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Source: TendersInfo (India)

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