Laurus refinances Renaissance O’Hare Hotel after having listed it for sale

The LA firm secured a $25M loan on the property it bought in 2013 then put on the market 4 years later

Dec.December 27, 2018 04:00 PM

The Renaissance O’Hare Hotel (Credit: Marriott and iStock)

In the last five years, Laurus Corporation has purchased, listed for sale, pulled from the market and now refinanced the Renaissance Chicago O’Hare Suites Hotel.

In the latest move, Laurus secured a $24.5 million refinancing. The Los Angeles-based private-equity firm took out the loan this month from a REIT affiliated with Oak Brook-based Inland Real Estate Investment, according to Cook County records.

Laurus bought the 362-key hotel building at 8500 North Bryn Mawr Avenue in 2013 from Tishman Hotel & Realty for $19 million. It had plans to spend another $6.5 million renovating it, Crain’s reported at the time. The sale price was well below the $32 million Tishman owed on the building.

Chicago-based Golub & Company owns the land, having purchased it in 2014 for $40.9.million.

In Spring 2017, Laurus hired HFF to try to sell the building, hoping to get some $40 million for it, according to Crain’s. The building is no longer on the market, according to HFF’s website. It was unclear when it was pulled.

Laurus officials did not immediately return a call seeking comment.

In March, Hong Kong-based Junson Capital paid nearly $37 million for the Rosemont Hilton, making it the most expensive hotel deal in the O’Hare submarket since 2016, when the Westin O’Hare traded for $82 million.

The Rosemont Hilton sale also ranked among the top 5 hotel sales of 2018, a year that saw investors spent $200 million on the top properties.

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