(Above) Allerton hotel at Michigan Avenue and Huron Street in 2006. (Click on image to view larger version.)

May 23, 2014 – The new owner of what is now called the Warwick Allerton Hotel has made the last payment on the Mag Mile hotel’s mortgage.

DiamondRock Hospitality Company, the real estate investment trust that acquired the Allerton mortgage in 2010, announced on Thursday the remaining balance of $58.5 million was paid on Wednesday. The hotel secured the senior mortgage loan.

Warwick International Hotels, a company based in Paris, took over the Allerton mortgage when it acquired the 1924 hotel in March. Company officials have not said yet when the hotel’s swanky “Tip Top Tap” lounge, closed since 1961, might re-open other than to say they are studying proposals.

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