Monarch Alternative Capital has added two properties to its hospitality portfolio through the purchase of non-performing mortgage loans on the Hotel Felix in Chicago and the YOTEL San Francisco.  

The Hotel Felix is a 228-room boutique hotel located in the River North submarket of Chicago, while the YOTEL San Francisco is a newly converted 203-room “micro-hotel” located in the Mid-Market submarket of San Francisco. The firm subsequently took ownership of those two properties through a debt settlement.  

“As the opportunity set in the commercial real estate market continues to evolve, we have leveraged our restructuring expertise and deep relationships to access high-quality assets at significant discounts to the previous lenders’ bases through the credit markets,” said Ian Glastein, managing principal and co-head of real estate at Monarch.