Chicago, IL (PRWEB) September 04, 2012
Paramount Lodging Advisors is pleased to announce the sale of two promissory notes secured by two hotel properties in Calumet Park, IL.
The two independent limited service hotels are formerly nationally branded assets located approximately 18 miles south of the Chicago CBD.
Adam Montufar, Senior Associate of Paramount Lodging Advisors Chicago, represented the hotel owner and lender in the transaction. "We were originally engaged into an exclusive right to sell agreement with the hotels' owner. Given the level of distress created by the un-branding of both assets, as well as challenges the immediate market has faced in recent years, Paramount quickly recognized that a creative marketing process would be necessary. With the owner and lender clearly sharing objectives, Paramount was allowed to diligently pursue all potential solutions resulting in lender sales of both promissory notes directly to the best buyer."
About Paramount Lodging Advisors
Paramount Lodging Advisors is a hotel brokerage and advisory firm specializing in the asset management, debt and equity placement, and transaction of hospitality assets across the United States, Canada, & Europe. For more information about Paramount Lodging Advisors, and to see hotels currently on the market visit http://www.paramountlodging.com.