Inland American finances Hotel Monaco deal via BofA loan

In November we learned that Inland American Real Estate Trust acquired the Hotel Monaco in Chicago. Now we've learned how they financed the purchase.

According to Chicago Real Estate daily, a subsidiary of Inland American Real Estate Trust borrowed $53 million from Charlotte, N.C.-based Bank of America N.A. for the acquisition.

The loan was obtained January 17, more than two months after Oak Brook-based Inland American announced it acquired the 191-room hotel, in a $189-million deal that also included a hotel in Denver and another in Salt Lake City. Records show Inland American paid just over $53 million for the Chicago hotel, but recorded hotel sale prices do not include the price paid for fixtures and furniture.