Sonnenblick-Goldman Company Arranges Acquisition Financing for the Landmark Palmer House Hotel and S
Company Arranges $320 Million Acquisition Financing for Thor Equities
NEW YORK, NY, August 18, 2005. Sonnenblick-Goldman Company, serving as the exclusive financial advisor to Thor Equities, has arranged a $320 million acquisition loan facility for the purchase, retail redevelopment, renovation and repositioning of the Palmer House Hotel and Shops in Chicago. Thor is purchasing the landmark hotel from Hilton Hotels and Resorts.
"Many prospective investors saw the Palmer House Hotel and Shops as a hotel acquisition. Thor Equities identified the Palmer House as a 1.7 million square foot landmark opportunity and saw the potential to redevelop the retail and renovate and reposition this truly irreplaceable asset. The viability of Thor's plan enabled us to structure a financing that will allow them to achieve their desired objectives in an economically feasible fashion," said Mark Gordon, managing director and principal of Sonnenblick-Goldman Company.
The 23-story, 1,639 room property was built in 1898 and is one of Chicago's flagship properties. The asset features classical revival-style design and truly irreplaceable exterior and interior architecture.
The Palmer House Hotel and Shops is located in the heart of the Chicago Loop and is in close proximity to Chicago's top destinations, including the Art Institute of Chicago, Grant Park, Millennium Park and Navy Pier; State Street and Michigan Avenue are just steps away.
Thor has acquired and is developing a retail, office, and residential portfolio totaling approximately six million square feet and valued at more than $1.4 billion. The company has purchased properties in New York City, Chicago, New Orleans, Philadelphia, Atlanta, Detroit, Puerto Rico, Cincinnati, South Florida, Orlando and Norfolk, Virginia. Thor and its affiliate are now in the process of acquiring properties in additional locations.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
