CHICAGO - Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, announced the completion of an agreement with a Chicago-based ownership group to provide $11 million in financing for the renovation of the Sheraton Chicago Northbrook Hotel.
The Sheraton Chicago Northbrook Hotel opened in 2008, and is located in Northbrook, Illinois, a suburb of Chicago. The 161-room hotel selected Access Point Financial for financing in order to fund a recapitalization and renovation of the entire property as part of Marriott's ongoing improvement of the entire Sheraton brand. The update is expected to commence over the next several months.
The borrower acquired the property in late 2019. Access Point Financial was able to fund the hotel's renovation due to the organization's accommodating and flexible loan structure, as well as its extensive knowledge and understanding of the hotel industry. Aimbridge Hospitality will continue to manage the property following the renovation.
"The Sheraton Chicago Northbrook is well-positioned in the market and is located five miles from Chicago Botanical Gardens and nine miles from Northwestern University. This is an ideal property for the area, and we are excited to be included in its reimaging. The Sheraton brand is making great strides as it modernizes itself, and we think this property will benefit greatly from an infusion of capital and creativity," said Matthew Hick, Director of Business Development at Access Point Financial.
