Stay updated with breaking news from The prime group. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The state of Illinois on Thursday finalized a deal to sell the James R. Thompson Center for $70 million and then buy back about one-third of the building for more ....
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 mark ....