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CBRE Arranges $33M for Acquisition of Chicago’s Hyatt Regency Deerfield
Chicago-based Phoenix Development Partners secured $32.9 million in financing for the acquisition and renovation of the 301-room Hyatt Regency Deerfield. The property is situated at the convergence of I-94 and I-294, and is well-located to serve north suburban Chicago.
Phoenix Development Partners’ John Mangel says, “We are excited to acquire this amazing asset and add it to our growing portfolio of properties. We are pleased to have the opportunity to work with both Hyatt and Aimbridge.”
CBRE’s Bill Howe and Jonathan Rice secured the floating rate financing with a debt fund lender. Howe says, “We found numerous lenders interested in providing the financing for Phoenix, a reflection of the strength of the location, brand and Phoenix’s redevelopment strategy for the property.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition