Evanston’s Hotel Orrington will convert to the Hilton brand as part of a recapitalization of the property.
Mesa West Capital has provided an affiliate of Greenfield Partners, LLC of Norwalk, Conn., with $14.5 million in first mortgage financing to recapitalize Greenfield’s existing loan on the hotel, at 1710 Orrington Ave.
Evanston’s Hotel Orrington will convert to the Hilton brand as part of a recapitalization of the property.
Mesa West Capital has provided an affiliate of Greenfield Partners, LLC of Norwalk, Conn., with $14.5 million in first mortgage financing to recapitalize Greenfield’s existing loan on the hotel, at 1710 Orrington Ave.
The nine-story, full-service hotel was built in 1923. It has 269 guest rooms, meeting rooms, banquet and conference space as well as a 178-car parking garage.
Mesa West Capital Vice President Ronnie Gul said, “The Hilton brand should help drive mid-week demand, improving the hotel’s occupancy and operating performance.”
The property closed for a time six years ago for a $34-million renovation after it was purchased by Greenfield. It will continue to be managed by Magna Hospitality Group.
Gul said that with its location just a block from the Northwestern University campus, a key demand driver, the hotel “is uniquely positioned in the marketplace.”
The hotel will be renamed the Hilton Orrington.
Related links
Mesa West provides $14.5 million in financing (PR Log)
Downtown Evanston hotel gets new loan, new brand (Chicago Business)
CMS Expo
Good for Evanston, good for Hilton. We’re looking forward to bringing our conference there this spring – the CMS Expo Learning & Business Conference, May 3, 4, 5th.