$25 million acquisition financing for Hyatt Regency Woodfield hotel secured by HFF
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $25 million in acquisition financing for the Hyatt Regency Woodfield, a 468-room, full-service hotel located in the Village of Schaumburg, a northwestern suburb of Chicago, Illinois.
HFF worked on behalf of the borrower, a partnership between T2 Capital Management, LLC, First Equity Group and Aimbridge Hospitality, LLC, to secure floating-rate financing through MidCap Financial LLC. Loan proceeds were used to acquire the property. Additional private capital will be deployed by ownership for peripheral development of the 15-acre site, including additional freestanding, fine-dining restaurants and a build-to-suit office building with state-of-the art amenities.
The five-story Hyatt Regency Woodfield underwent extensive renovations in 2009. The property features the Fresh 1800 Restaurant and Bar, Starbucks Coffee Bar, Hyatt Lounge for Hyatt Gold Passport members, indoor and outdoor pools, 24-hour fitness club and more than 30,000 square feet of meeting space, including an outdoor terrace. Located at 1800 East Golf Road in Schaumburg, the Hyatt is directly across the street from the main entrance to Woodfield Mall, the largest shopping center in Illinois and one of the 10 largest enclosed malls in the U.S. With more than 2.2 million square feet of restaurant, retail and entertainment space and 27 million annual visitors, Woodfield Mall is one of the top destinations for travelers in the nation. Just off Interstate 90, the property is situated 14 miles from O’Hare International Airport and 22 miles from downtown Chicago.
The HFF debt placement team representing the borrower was led by managing director Christopher Carroll.
About T2 Capital Management, LLC
T2 Capital Management, LLC is an opportunistic, privately held real estate company that provides speed, flexibility and reliability in the acquisition and financing of real estate assets nationwide.
Agnostic to property type and drawn to unique, idiosyncratic situations, recent capital deployments have included off-market investments in senior housing, office, retail, industrial, multi-family and hotel properties, as well as performing and non-performing real estate loans. With a focus on deployments ranging from $1 to 10 million, T2 has invested approximately $200 million since raising its initial fund in 2011. For more information, visit www.t2investments.com.
About First Equity Group
First Equity Group is a Chicago-based real estate firm specializing in ground-up development of commercial facilities in the Midwest. The company utilizes a team of dedicated real estate professionals in the areas of site selection, site acquisition, project management, finance, property management and leasing.
Led by Managing Partner Timothy P. Gallagher and Partner Thomas M. Lowe, the company is a developer of quality, income producing real estate whose success in applying the manufacturing model to commercial real estate has enabled First Equity to put into service more than two million square feet of commercial real estate. Each principal of First Equity has over 30-years of experience in commercial real estate and has assisted numerous clients with their specific real estate requirement, providing a successful formula for single-source real estate solutions. www.1equitygroup.com.
About Aimbridge Hospitality, LLC
Aimbridge Hospitality, LLC is one of the nation’s largest independent hotel investment and management firms with a proven track record for delivering superior returns for its investors in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services across all STR chain scales. Based in Dallas, Texas, and with additional offices in Chicago and Puerto Rico, Aimbridge currently manages over 270 upscale, independent and branded hotels with over 43,000 rooms across the United States and the Caribbean, including such affiliations as Marriott, Hilton, Hyatt, Embassy Suites, Doubletree, Hilton Garden Inn, Hampton Inn & Suites, Aloft and Wyndham. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.