Hunter Capital Markets, a division of Hunter Hotel Advisors, announced today that it secured a refinancing of the 369-room DoubleTree by Hilton Hotel Chicago – North Shore Conference Center in Skokie, Ill., on behalf of Ultima Hospitality, a Chicago-based hospitality management and real estate investment group. Angelo Stambules, senior vice president, and Laura Wolinsky, vice president, Hunter Capital Markets, served as the borrower's advisors on the project. The structured financing involved senior and mezzanine loans for a five-year term.
“Like many markets nationwide, the suburban Chicago area continues to improve after the dramatic fall-off that occurred following the 2008/2009 financial crisis,” Stambules said. “Ultima Hospitality sought to refinance the loans that had been used to acquire, renovate and convert the hotel to the DoubleTree by Hilton brand in 2007. We sourced multiple quotes at competitive rates, which is a testament to the strength of the borrower, the hotel and the improving debt markets.”
“The availability of hotel financing continues to improve off the positive momentum that began last year,” Wolinsky said. "Improved conditions have enabled the Hunter Capital Markets team to employ innovative ways to build the capital stack. Since its creation late last year, we have seen a great deal of interest in hotel refinancing, as well as for hotel acquisitions and renovation projects. New construction lending is not as widely available, but is becoming increasingly accessible for strong borrowers, well-located sites and the right brands.”
About Hunter Capital Markets
The Capital Markets team of Hunter Hotel Advisors is a real estate investment banking group that provides a full spectrum of capital advisory services to the hospitality industry, including mortgage brokerage, equity raising, note sales and distressed asset advisory services. More information can be found at www.hunterhotels.net.
About Ultima Hospitality
Ultima Hospitality is a Chicago-based hospitality management and real estate investment group. As the management arm of Waterton Commercial Properties, Ultima Hospitality manages both full and select-service properties leveraging more than 150 years of experience in hospitality and commercial real estate management among its senior leadership. Ultima Hospitality and its affiliates; oversee a hotel portfolio that includes the Westin Columbus, Ohio, Sheraton Madison, Wis., Sheraton Framingham, Mass., DoubleTree Skokie, Ill., and Holiday Inn Express in Mill Valley, Calif., as well as third party management of the Holiday Inn Countryside, Ill., and Rodeway Inn Skokie, Ill. A results-driven organization, Ultima Hospitality provides owners and investors with superior capital management, cost containment and extensive resources to ensure successful management in a constantly changing business environment. More information can be found at www.ultimahospitality.com.