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JV Secures $64 Million Refi for Radisson Blu Aqua Hotel

ARTIC, Magellan and Carlson Rezidor Hotel Group to Use Proceeds to Refinance Prior First Mortgage on 334-Room Luxury Hotel
November 30, 2017
Al Rayyan Tourism Investment Co. (ARTIC), Magellan Development Group and Carlson Rezidor Hotel Group secured a $64 million refinancing for the venture's Radisson Blu Aqua Hotel in downtown Chicago.

The first U.S. location for the Radisson Blu hotel brand, the 334-room, luxury hotel opened in 2011 on floors four through 18 of the 82-story Aqua Tower at 221 N. Columbus Dr. within the award-winning Lake Shore East Development in Chicago's East Loop.

The hotel features a 12,000-square-foot ballroom, 28,500 square feet of meeting space, an 8,000-square-foot fitness center with dedicated yoga space, a junior Olympic-sized swimming pool, indoor, two-lane lap pool, and Filini’s restaurant.

Danny Kaufmann, Jeff Bucaro and Nicole Aguiar of HFF's debt placement team arranged the 10-year, fixed-rate loan, which will be used to refinance the prior first mortgage, with J.P. Morgan Chase & Co. on behalf of the ownership venture.

"This arrangement reflects ARTIC’s commitment to financial efficiency and to finding the optimum financing solutions, so enabling ARTIC to increase the operational efficiency of our portfolio and continue to deliver our expansion strategy," said Tarek M. El Sayed, managing director and CEO of ARTIC. "With an investment portfolio across the U.S., Europe and MENA, we will continue to examine significant opportunities for the profitable expansion of ARTIC’s international hospitality and property portfolio."
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