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Akara Partners lands $57M refi on newly-built River North hotel

The investment and development firm opened the 206-key hotel early last year

Hilton Home2 Suites at 110 W. Huron Street and Akara founder and CEO Rajen Shastri (Credit: Hilton, Akara)
Hilton Home2 Suites at 110 W. Huron Street and Akara founder and CEO Rajen Shastri (Credit: Hilton, Akara)

Investment and development firm Akara Partners landed a $57 million refinance on its 206-key extended stay hotel tower in River North.

An entity connected to Pimco provided the debt on the recently-opened Hilton Home2 Suites at 110 West Huron Street. JLL represented Akara on the loan deal. It replaces a $53.5 million construction loan from Goldman Sachs from 2017, according to public records. The 17-story hotel opened last February.

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Akara and Pimco did not respond to requests for comment.

Across Chicago, there was a flurry of high-priced hotel trades over the last year. In 2019, the top five sales combined for $1.2 billion, nearly six times more than the previous year’s $200 million.

Early last year, Akara and CA Ventures sold a 227-unit River West apartment complex to Newcastle for $85.5 million.

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River North