Paramount Lodging Advisors (PLA) has completed the sale of the Hotel Felix Downtown Chicago NPL. The PLA team representing seller was led by Bennett Webster, Brent Clemens, Mike Schlictman, and Andrew Makhlouf. The sale allowed the lender to unwind their existing interest on the $47MM non-performing loan.
“Contrary to recent headlines, Chicago is open for business, and we believe remains grossly undervalued. Our team is bullish on the ongoing recovery for the city and underlying demand,” stated Schlictman.
Makhlouf added, “We were very pleased with the market turnout for the auction and to have successfully monetized this position for the servicer and CMBS Trust.”
The sale adds to Paramount Lodging Advisors’ continued and unprecedented success over the course of the national recovery. The team has maintained a +95% closure rate in the past year.