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Mesa West Provides $14.5 Million in Financing on IL Hotel
Financing allows owners to convert 269-room hotel to full-service Hilton
By: Bruce Beck
The financing, which was arranged by Jay Marshall of HFF (Holliday Fenoglio Fowler, LP), also included capital necessary to convert the hotel to a full service Hilton, according to Mesa West Capital Vice President Ronnie Gul.
The property is a nine-story, full-service hotel with 269 guest rooms, including a 12,000 square-foot IACC-certified conference facility, 12,000 square feet of meeting and banquet space, café, restaurant, bar and lounge, and fitness center. The property includes an adjacent four-story, 178-car parking garage and four retail spaces, all currently leased. The property is within one block of Northwestern University, which is a key demand driver for the hotel.
"We are excited to be financing Greenfield Partners as they continue to add value to a property that is uniquely positioned in the marketplace,"
Greenfield Partners will oversee the conversion to Hilton, while Magna Hospitality Group will provide hotel management services.
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About Mesa West Capital, LLC
Headquartered in Los Angeles and New York, Mesa West Capital http://mesawestcapital.com is a non-recourse, balance-sheet lender with a capital base over $1.5 billion. Mesa West Capital is actively seeking investment and financing opportunities for all major product types in the Western United States and gateway cities on the East Coast.