Strategic Hotels & Resorts is to close the $145m limited recourse loan secured by the InterContinental Chicago hotel.
According to Strategic, the new financing will replace the $121m financing previously encumbering the property.
Under the terms of the agreement, the loan bears interest at a fixed rate of 5.61% and has a ten-year term.
The company recently closed a $110m limited recourse loan secured by the Loews Santa Monica Beach Hotel.
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