Cronheim Hotel Capital has secured $15.4 million to refinance the existing debt on the Hyatt Place Chicago South University Medical Center. The non-recourse financing was originated with a Southeast-based bank. The deal is structured on a floating rate basis, allowing for the sponsor to capitalize on a lower-rate environment.
The sponsorship is a joint venture of Smart Hotels and the Oympia Companies, the original developers of the hotel and current operators. Collectively, sponsorship maintains a 25+ hotel portfolio consisting of boutique and select-service assets across 12 states with a specialty in campus hospitality.
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