Acquisition & Conversion

Holiday Inn Select
Naperville, IL
426 Key Hotel

Philadelphia-based AMC Delancey and Chicago-based Harp-MidAm Development were brought together in this transaction to acquire the Holiday Inn Select in Naperville, IL. Both equity and debt financing was raised for this transaction, in the amount of $62,600,000. Due to significant capital needs and time constraints of Harp-MidAm Development, it was imperative that equity and debt partners commit the required capital and complete the due diligence in less than 45 days. The financing included high leverage, limited recourse, floating rate acquisition and debt that converts to a fixed rate upon stabilization of the property, as well as $14MM in joint venture equity.