|DATE OF FUNDING||10/24/13|
|GROSS LOAN AMOUNT||$11,500,000|
|LOAN TO VALUE||65.7%|
$11,500,000 FOR THE ACQUISITION
OF A LUXURY HOTEL IN LISLE, IL
Borrower sought $11,500,000 to acquire a 242-room full service Wyndham hotel located on Warrenville Road, Lisle, IL. Built in 1987, it includes eight stories, three restaurants, a business center, and 25,000 square feet of flexible meeting & ballroom space. Borrower has committed a $2,500,000 non-refundable deposit and $1,000,000 in property improvement dollars to secure a Sheraton Hotel flag. Borrower required a fast paced lender to meet the deadline of October 24, 2013 to purchase the property. The borrower is in a position to add considerable value to this asset by implementing a new fully executed franchise agreement with The Sheraton LLC, an affiliate of Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) for a franchise agreement conversion to a 242-room Sheraton® hotel. The borrower began converting the Wyndham hotel to a Sheraton® Hotel on the date of funding. The conversion will make the hotel the only full service Starwood asset in the area, and will benefit from the large number of Starwood Preferred Guest travelers.