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Akara Partners CEO Rajen Shastri, top right; Hersha Hospitality CEO Naveen Kakarla; and Home2 Suites on Huron Street. (Akara, Hersha, Hilton)
Less than two months before the pandemic took hold, Akara Partners snagged a $57 million refinance on its newly built 206-room extended-stay hotel in River North.
Almost exactly a year later, as Covid-19 continues to devastate Chicago’s hospitality industry, the developer has recapitalized its Home2 Suites by Hilton property with an investment from Hersha Hospitality Management, Crain’s reported.
The recap on Home2 Suites at 110 West Huron Street comes as hotels across the city, and the country, have been struggling to survive.
Former Sheraton hotel near New Castle opens as emergency homeless shelter ahead of snowstorm Brandon Holveck, Delaware News Journal
Wilmington s homeless shut out of libraries, cafes, day centers in coronavirus crisis UP NEXT
The former Sheraton hotel off I-95 near New Castle started its second life as an emergency homeless shelter Tuesday, a day before a severe snowstorm is forecast to hit northern Delaware.
New Castle County purchased the hotel in a November auction for $19.5 million. The county made the deal using part of the $322 million of coronavirus relief money it received from the federal government, which is set to expire at the end of the year.
Those experiencing homelessness in New Castle County have a safe and warm place to go just in time for the first winter storm of the season.
The former Sheraton hotel on Airport Road near New Castle, which was purchased at auction by the county with $19.5 million in federal CARES Act money, officially opened its doors Tuesday as an emergency shelter during the pandemic, less than a month after settlement.
It s now called the New Castle County Hope Center.
Friendship House, which is running Code Purple operations from the shelter, picked up the first guests at 11 a.m. Tuesday. A total of 70 guests were pre-registered to spend their first night in the hotel just in time for the winter storm. Starting Monday, the facility will take referrals from the state service system. The facility has 192 rooms and capacity for 400 people at full occupancy.