Reschke Secures Refinance For Downtown Hotel, Which Now Has Time To Recover Residence Inn, 11 South LaSalle St.
In spite of the tumultuous times facing downtown hotels, the owner of the Residence Inn Chicago Downtown/Loop secured $141M of new senior and mezzanine loan financing for the hotel.
The deal will allow the 381-key hotel at 11 South LaSalle St. to get past the COVID-19 crisis, which left many downtown hotels nearly empty as conventions were canceled and other business and leisure travel dried up, according to The Prime Group CEO Michael Reschke.
“This new financing was structured to give time for the hotel to fully recover over the next two years, a time period we conservatively estimate may be required before the pandemic is eradicated and the hospitality industry fully recovers,” he said in a statement. “However, we remain confident that with the wide dissemination of two vaccines, the hospitality market will begin a