The Chicago hotel market has remained strong, and now one local investor has scored a refinance on two properties in the South Loop.
SB Yen Management Group secured a $147 million loan on the 172-key Best Western Grant Park Hotel at 1100 South Michigan Avenue, and the 233-key Homewood Suites by Hilton Chicago at 1101 South Wabash Avenue, records show.
Acore Capital Management provided the debt on the hotels.
In 2018, Hinsdale-based SB Yen secured a $90 million construction loan from Access Point Financial to start building the Homewood Suites by Hilton Chicago. The company did not return a request for comment.
Overall, hotels have performed well this year in the city, especially in Downtown. That has lured investors, including Blackstone Group in July, which paid $40 million for the 337-room River North Marriott.
The South Loop is in the midst of a development boom that includes high-profile projects like the 76-story, 792-unit One Grant Park; Essex on the Park, a 56-story, 479-unit rental tower; and a 74-story, 323-unit condo tower known as 1000M at 1000 South Michigan Avenue.