{"id":1004166579,"date":"2017-02-13T04:47:03","date_gmt":"2017-02-13T12:47:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004166579"},"modified":"2022-12-08T14:40:40","modified_gmt":"2022-12-08T22:40:40","slug":"worlds-first-triple-flagged-hilton-lands-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/worlds-first-triple-flagged-hilton-lands-financing\/","title":{"rendered":"World\u2019s First Triple-Flagged Hilton Lands Financing"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor <\/em><\/p>\n<p><strong>Chicago<\/strong>\u2014HFF has arranged $78 million in construction financing for a 466-key triple-flagged Hilton hotel now beginning development across the street from Chicago\u2019s McCormick Place convention center.<\/p>\n<div id=\"attachment_1004166583\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Hiltons-Triple-Brand-Hotel.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004166583\" data-attachment-id=\"1004166583\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/worlds-first-triple-flagged-hilton-lands-financing\/hiltons-triple-brand-hotel-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Hiltons-Triple-Brand-Hotel.png\" data-orig-size=\"600,464\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hiltons-Triple-Brand-Hotel\" data-image-description=\"&lt;p&gt;Hilton\u2019s triple-brand hotel, Chicago&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Hilton\u2019s triple-brand hotel, Chicago&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Hiltons-Triple-Brand-Hotel.png?w=600\" loading=\"lazy\" class=\"wp-image-1004166583 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Hiltons-Triple-Brand-Hotel.png\" alt=\"Hilton\u2019s triple-brand hotel, Chicago\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Hiltons-Triple-Brand-Hotel.png 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Hiltons-Triple-Brand-Hotel.png?resize=300,232 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004166583\" class=\"wp-caption-text\">Hilton\u2019s triple-branded hotel, Chicago<\/p><\/div>\n<p>HFF worked on behalf of the developer, Michigan Cermak Indiana LLC and First Hospitality Group, to place the construction loan with The PrivateBank.<\/p>\n<p>The hotel, reportedly the world\u2019s first to feature three Hilton brands, is being built on a 0.87-acre site at 123 E. Cermak Road, at the southwest corner of Cermak Road and Indiana Avenue in Chicago\u2019s South Loop. The site is within walking distance to two stations on the Chicago Transit Authority\u2019s Green and Red elevated lines and near offices, hospitals, retail, restaurants and entertainment venues.<\/p>\n<p>The hotel will consist of a 184-key Hilton Garden Inn, a 187-key Hampton Inn and a 95-key Home2 Suites with a shared entrance, front desk and amenities, including an indoor pool, fitness room and business center.<\/p>\n<p>In addition, the 21-story building will feature two Chicago-based restaurants and a Starbucks on the ground level, 7,000 square feet of flexible meeting space, and a rooftop bar and lounge. Usefully, given Chicago\u2019s often-problematic weather, the hotel will have direct skybridge access into McCormick Place, which at 2.6 million square feet is the nation\u2019s largest convention center.<\/p>\n<p>The HFF debt placement team representing the borrower was led by Michael Kavanau, senior managing director, and Danny Kaufman, managing director. \u201cThe new hotel\u2019s connectivity to the convention center and best-in-class Hilton franchises will significantly improve the lodging offerings available to McCormick Place,\u201d Kaufman said in a prepared statement.<\/p>\n<p>The hotel is being built by McHugh Ujamaa LLC, an affiliate of James McHugh Construction Co. and Ujamaa Construction Co.<\/p>\n<p>This property will be the only Hilton Honors option south of the Hilton Chicago (about a mile and a half to the north), Hans Detlefsen, president of Hotel Appraisers &amp; Advisors, in Chicago, told <em>Commercial Property Executive<\/em>, adding, \u201cIts location directly across the street from the nation\u2019s largest convention center, and near other South Loop development initiatives, should represent additional competitive advantages for this development.\u201d<\/p>\n<p>\u201cThere is a national trend to develop multi-branded hotel properties,\u201d Detlefsen continued. \u201cSome advocates say the justification is to reduce costs, but the smartest developers use this strategy to control supply and franchise rights.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 466-key project will rise across the street from the McCormick Place convention center in Chicago. <\/p>\n","protected":false},"author":882,"featured_media":1004166583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21808,21825,21751,13,21742],"tags":[33960,32792,32805,33959,33337],"class_list":["post-1004166579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-featured","category-finance","category-hotel","category-midwest","category-latest","tag-first-hospitality-group-inc","tag-hff","tag-hilton","tag-michigan-cermak-indiana","tag-the-privatebank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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