Another downtown Chicago hotel has dodged the foreclosure bullet.
The owner of the 398-room Crowne Plaza Metro Chicago in the West Loop paid off an overdue $48-million mortgage, recapitalizing the property with a new $36.3-million loan from American General Life Insurance Co. and a new equity investment.
The Crowne Plaza’s owner, a venture led by Skokie-based F&F Realty Ltd., defaulted on the old loan by failing to repay the debt when it matured last June. The Crowne Plaza was among a group of big downtown hotels that ran into financial trouble last year, unable to find new financing to pay off pre-crash loans that had come due.
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