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.