Serving the Loop and Near North neighborhoods of downtown Chicago
Mag Mile Marriott mortgage paid early

Photo by Gary Kufner

(Above) Lobby of Chicago Marriott Downtown Magnificent Mile in 2008. Photo by Gary Kufner. (Click on image to view larger version.)

January 15, 2016 – The owner of the Marriott hotel on North Michigan Avenue will save $2.7 million in interest by paying off a mortgage loan early. DiamondRock Hospitality Company, based in Bethesda, Maryland, announced on Tuesday it has prepaid $201.7 million owed on the loan that was going to be due in April. The Chicago Marriott Downtown Magnificent Mile was used as collateral for the loan.

DiamondRock purchased the 1,165-room 35-suite Mag Mile hotel in 2006 for $295 million. Last year, the hotel spent $4.96 million renovating 140 guest rooms and hallways on five floors.

Now only eleven of DiamondRock’s 29 hotels nationwide have mortgage debt. One of these hotels is on Fifth Avenue in New York but DiamondRock expects to refinance a $48 million loan otherwise due this year.

 Previous story: Marriott spending $4.96 million on Mag Mile room upgrade

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