Warwick Picks Up Chicago Hotel In $65M Loan Deal

Law360, New York (March 6, 2014, 2:15 PM EST) -- Warwick International Hotels has acquired a luxury Chicago hotel recently embroiled in a bankruptcy dispute from Petra Capital Management, in a deal that includes the assumption of a $64.5 million loan tied to the property, according to Wednesday announcements.

Per the deal, Warwick will assume the senior mortgage note held by real estate investment firm DiamondRock Hospitality Co. and has given an immediate $6 million to further pay down the loan, DiamondRock said. The hotel was owned by a Petra Capital unit, which originally struck the...
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