Holliday Fenoglio Fowler, L.P. (HFF) announced $38.7 million in financing for the acquisition and renovation of Chicago Marriott Schaumburg, a 398-room, full-service hotel in the Chicago suburb of Schaumburg.
The HFF team worked on behalf of the borrower, an affiliate of Chicago-based Arbor Lodging Partners, to place the three-year, floating-rate loan with a one-year extension with Ladder Capital. Arbor Lodging Partners will be completing significant upgrades to the property, including a full renovation of the lobby, meeting space, common areas and guest rooms, along with the addition of the new Marriott M Club lounge. The property is managed by Arbor Lodging Management.
“The potential and upside of the Chicago Marriott Schaumburg was evident, and we couldn’t be more pleased to make it Arbor’s first property in the Chicagoland area,” said Vamsi Bonthala, CEO of Arbor Lodging Partners. “We worked closely with the HFF team and thank them for their hard work that has initiated a new chapter for the hotel.”
Located at 50 North Martingale Road, the 13-story Chicago Marriott Schaumburg comprises 183 double and 211 king guestrooms and four Presidential Suites. The property is situated within the Woodfield Corporate Center complex, which contains more than three million square feet of Class A office space, and is located one mile from the Woodfield Mall, the largest shopping center in Illinois and one of the 10 largest shopping malls in the U.S. Completed in 1983 and renovated in 2007, the hotel features a fitness center, full-service business center, indoor and outdoor pools, two restaurant venues and 21 meeting and event rooms totaling 18,536 square feet of space.
The HFF debt placement team representing the borrower consisted of senior director Jeff Bucaro and associate Nicole Aguiar, along with managing director Tony Malk and directors Matt Enright and Bryan Rosenberg.
“We are excited to be part of the project and we share Arbor’s vision in creating a premier full-service hotel asset in the Schaumburg market,” Bucaro said. “Arbor has a solid track record of renovating, repositioning and managing hotel assets, and we believe this property will be very successful.”
