Draper and Kramer, Incorporated announced that Mark Perkowski, senior vice president with Draper and Kramer’s Commercial Finance Group, arranged a $54 million loan on behalf of Vinayaka Hospitality for its acquisition of the Westin Michigan Avenue, a 752-key full-service hotel at 909 N. Michigan Ave. in Chicago.
Vinayaka Hospitality purchased the property for $72 million from a venture of Bethesda, Md.-based Pebblebrook Hotel Trust.
The acquisition loan was provided by a life insurance company sourced by Perkowski. The loan provided the leverage, term and flexibility the sponsor desired to effectuate its business plan of improving the asset and maintaining its status as one of Chicago’s premier lodging options for both business and leisure travelers.
