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Marriott Schaumberg Sold; Renovations Ahead
The 398-room Chicago Marriott Schaumberg has been sold, and the new owners plan to renovate the hotel.
The purchase and refurbishment will be funded by $38.7 million in financing secured by HFF for the buyer, an affiliate of Arbor Lodging Partners. Ladder Capital granted the loan, with a three-year term and a floating rate.
Chicago-based Arbor, which manages the hotel, plans to upgrade the hotel’s lobby, meeting space, common areas and guest rooms. Also in the works is a Marriott M Club lounge.
HFF’s debt placement team comprised senior director Jeff Bucaro, associate Nicole Aguiar, managing director Tony Mark 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.”
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- ◦Sale/Acquisition
