Dealmaker: Draper & Kramer Commercial Finance Group Closes $54M for Chicago Hotel Acquisition

Draper & Kramer Commercial Finance Group, Chicago, arranged a $54 million loan on behalf of Vinayaka Hospitality for the acquisition of the Westin Michigan Avenue.

Mark Perkowski, senior vice president, arranged the financing. The acquisition loan was provided by a life insurance company sourced by Perkowski.  

Vinayaka Hospitality bought the property for $72 million from a venture of Bethesda, Md.-based Pebblebrook Hotel Trust.

The property is a 752-key full-service hotel on the city’s busy Michigan Avenue.

“This iconic hotel, one of downtown’s largest and with a prime location along the famed Magnificent Mile, is the very definition of a trophy property–making it an incredible investment,” said Perkowski. “And with Vinayaka Hospitality’s track record of successfully acquiring, improving, and managing similar full-service hotels, it was certainly an attractive lending opportunity.”