Jones Lang arranges $360m refi deal for Thor's hotel project.Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. arranged the $362.7 million refinancing of existing debt and renovation of the 1,639-room, full-service, luxury Palmer House This article is about the hotel in Chicago. For the Sauk Centre hotel, see The Palmer House (Sauk Centre). For Potter Palmer's mansion, see Palmer Mansion
The Palmer House Hilton is a famous and historic hotel in downtown Chicago. Hilton Hotel on behalf of Thor Equities, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , on behalf of Thor Urban Property Fund, the owner.
Jones Lang LaSalle secured senior debt and funding for the renovation of the hotel from Anglo Irish Bank Anglo Irish Bank Corporation plc (Irish: Banc Angla-Éireannach) ISEQ: ANGL, LSE: ANGL, FWB: CKL, is a bank based in Ireland, listed on both the Irish Stock Exchange and the London Stock Exchange, and headquartered in Dublin. .
Ben Singer and Matt Comfort of Jones Lang LaSalle's Real Estate Investment Banking (REIB) group conducted a comprehensive marketing process that generated strong interest. Tom Fisher of Jones Lang LaSalle Hotels provided ho tel expertise.
"Because the Palmer House is an irreplaceable, trophy asset, we took this property out to a broad, yet targeted group of lenders that we knew offered certainty of closing," said Singer, senior vice president--Real Estate Investment Banking, Jones Lang LaSalle.
"This generated strong competition and competitive pricing that allowed us to best match a lender to Thor's requirements. This refinancing further illustrates the attractiveness of prime high-quality hotels to the debt markets."
Thor Equities purchased the hotel in August of 2005 from Hilton Hotels Corporation Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. As of April 2007 there are 2,645 hotels and 485,000 rooms employing 105,000 people in more than 80 countries. and has improved the performance of the hotel dramatically.
Said Joseph J. Sitt, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Thor Equities, "This loan will provide the additional flexibility we need to execute our business plan and bring this asset into the top group of hotels in the city of Chicago."
The hotel is currently in the initial stages of a major renovation that will enhance the hotel's appeal while maintaining its character.
Tom Fisher, managing director of Jones Lang LaSalle Hotels in Chicago, commented, "Following the proposed renovation, the hotel should be able to outperform its competitors."