Browse Tag: hotel

Palmer House, Thor Equities Snag Refi

The Palmer House Hilton

One of Chicago’s most storied hotel properties has carried on its legacy – by borrowing again.

The Palmer House Hilton, located at State and Monroe in downtown Chicago first opened in 1871 only to burn down two weeks later in the Great Chicago Fire. Builder Potter Palmer immediately secured a loan to rebuild – $1.7 million in what was considered at the time to be the largest individual loan ever.  It was built again.

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Bust: One Third Of Atlantic City’s Gaming Space Lost In 2014

English: Revel in Atlantic City

Capping a wave of casino closures on the Atlantic City boardwalk is Revel, the $2.4 billion, 47-story hotel tower that debuted in April 2012. The September shutdown of the starkly designed gambling palace hits the New Jersey economy hard, contributing to closures that take away about one third of AC’s gaming space.

What changed to turn AC’s multi-decade run as a gaming mecca into a parade of glittering vacancies?  Some point to Pennsylvania, whose recent expansions to gaming laws are keeping its players in its own state to play at standalone casinos such as Mount Airy, Sands, Rivers and SugarHouse.

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