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Chicago & Midwest  + Illinois  + Hospitality  | 

Chicago’s Hard Rock Hotel Snares $75M for Renovation

NKF arranged a three-year, $74.85 million bridge loan for the Carbide & Carbon Building, located at 230 North Michigan Avenue, known most recently as Chicago’s Hard Rock Hotel. Becker Ventures, the hotel’s owner, plans to reposition the property as the 363-room St. Jane Chicago.

The 37-story, Art Deco high-rise was designed by the Burnham Brothers and constructed in 1929. The Hard Rock Hotel is slated to close on December 1, 2017 and reopen in spring 2018 under the St. Jane Chicago name.

Renovations include updated interiors with the addition of an indoor/outdoor rooftop bar and lounge on the 24th floor, a full-service restaurant, a market café, cocktail bar, as well as 11,000 square feet of meeting and event space.

NKF’s Ben Greazel originated the loan, which will allow for planned renovations at the property.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing