Jones Lang LaSalle and Jones Lang LaSalle Hotels secured a $365 million financing package on behalf of Thor Equities for the Palmer House Hilton in Chicago. JP Morgan provided the floating-rate financing. "This refinancing with allow Thor Equities to continue and augment its ongoing efforts to maintain the Palmer House's status as a crown jewel of Chicago," said Joe Sitt, CEO of Thor Equities.
Thor Equities, a global leader in urban real estate development, leasing and management, acquired the Palmer House Hilton in August 2005 after more than 60 years of owner operations by Hilton Hotels Corp., according to a REJournals.com article. The 24-story main building is comprised of the 1,639-room hotel sitting atop a 57,000-square-foot, street-level retail arcade, a 177-space underground valet parking garage and a full basement. In October 2008, Thor completed a $131 million renovation that resulted in numerous infrastructure improvements, refurbished guestrooms, public spaces and meeting spaces and a number of food-and-beverage operations.
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