NKF Arranges $74.8M Loan to Reposition Chicago’s Hard Rock Hotel
CHICAGO — Newmark Knight Frank (NKF) has arranged a $74.8 million loan for the repositioning of the Hard Rock Hotel located at 230 N. Michigan Ave. in Chicago.
Property owner Becker Ventures and manager Aparium Hotel Group plan to reposition the property as the St. Jane Chicago hotel following the closing of the Hard Rock Hotel on Dec.1. The newly branded property is scheduled to reopen in spring 2018.
The new name is a nod to social worker Jane Addams, who co-founded Chicago’s Hull House in 1889. The settlement house opened to European immigrants and provided social and educational programs.
Built in 1929 and designed by the Burnham Brothers, the historic Carbide & Carbon building features 37 stories. Renovations will consist of updated interiors with the addition of a rooftop bar and lounge, full-service restaurant, market café, cocktail bar and 11,000 square feet of meeting and event space.
In addition to 363 guest rooms, St. Jane Chicago will feature luxury suites on floors 25 and above known as The Tower at St. Jane.
A reason for the repositioning was not provided, but Crain’s Chicago Business reports that competition in the neighborhood was the catalyst for the makeover.
Ben Greazel of NKF arranged the loan, which will fund the planned renovations. Bank of the Ozarks provided the capital.
New York-based NKF is a commercial real estate advisory firm and a part of BGC Partners Inc.
— Kristin Hiller