Commercial real estate finance and advisory services company Walker & Dunlop has arranged a $92m loan for the 466-room Hiltons at McCormick Place Convention Center in Chicago, Illinois, US.
Hiltons at McCormick Place operates as the only Hilton hotel in the US that brings together three brands, namely Hilton Garden Inn; Hampton Inn; and Home2 Suite, within a single select-service property.
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The New York Capital Markets team at Walker & Dunlop, including Aaron Appel, Jordan Casella, Cole Grims, Keith Kurland, and Dustin Stolly, arranged the loan.
Access Point Financial provided capital for the loan, which was structured as a floating-rate, interest-only facility. Walker & Dunlop worked on behalf McHugh Enterprises and First Investors.
Jay Morrow and Carter Gradwell, representing Walker & Dunlop’s Hospitality division, worked with the Capital Markets team to advise the ownership group throughout the refinancing transaction.
The 23-floor multi-brand property has guest amenities that include two hotel-managed food and beverage venues, three leased ground-floor food and beverage locations, an indoor pool, a fitness centre, and a skybridge that connects directly to the convention centre.
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By GlobalDataThe hotel is located in Chicago’s South Loop and is next to and integrated with McCormick Place, which is North America’s and the Western Hemisphere’s largest convention facility.
The convention centre receives three million visitors each year and has an annual economic impact exceeding $2.3bn. The hotel’s location aims to serve convention group guests and attract both business and leisure visitors.
Walker & Dunlop senior managing director Aaron Appel said: “The Hiltons at McCormick Place is a highly efficient hospitality investment, delivering strong cash flow and outperforming its submarket peers running a +120% revenue per available room (RevPAR) Index.
“Performance is driven by surging Convention Center demand and the exceptional recovery and forward momentum of the Chicago Central Business District hotel market, which has seen a 13% year-over-year RevPAR increase.”
In 2024, the Capital Markets team at Walker & Dunlop arranged more than $16bn in financing from non-agency sources.
During the same period, the Hospitality division conducted over 24 hotel transactions totalling almost $1.4bn in value.
