First of Many
- Joe Sitt’s Thor Equities is facing a $338 million foreclosure suit at the Palmer House Hilton in Chicago, after the investor allegedly failed to make several mortgage payments on the trophy hotel property.
According to a complaint filed last week in Cook County Circuit Court spotted by Crain’s, Thor defaulted on the $333.2 million senior debt on the property. Wells Fargo, which is the lender, asked the court to appoint a receiver for the property.
An August appraisal of the 1,639-room hotel at 17 E. Monroe St. values it at $305.5 million, according to a Bloomberg report cited by Crain’s. That’s more than $100 million less than the $423 million CMBS loan on the property from 2018.
Stand by for a lot more of these.
Labels: events, money questions
posted by SCC at 12:01 AM
41 Comments:
Who has the bigger problem? The borrower or the lender?
I stayed there a few years ago, and it's really rundown. Our bed was this strange murphy bed and they put us on this weird breakfast buffett floor that was packed with people and you couldn't really get any food. It's been an awful hotel for years.
but hey were flattening the curve.
Gruit send them some tiffs money
While I can’t say I am going to lose sleep over a real estate mogul not being able to pay his bills, these politicians need to be held criminally responsible. Crimes against humanity. Hey, give everybody a $600 a week addition to their unemployment to make them slink into the shadows and mute themselves, right? If they weren’t getting paid by the government to stay home, stay quiet and wear a mask this would already be a revolution.
Thor......Hammered!
Parke House......rolls!
Here all week; tip the veal, try your waitress.......
Chicago to be sold off piecemeal to foreign interests. Same New Yorker banker Sitt:
Thor Equities’ investment in booming Fulton Market is paying dividends.
In its latest move, the New York-based firm led by Joseph Sitt sold a 98,000-square-foot office building it developed for $85 million, according to Crain’s. That marks the priciest sale in Fulton Market to date.
The buyer was German real estate firm Deka Immobilien.
When they said Chicago would follow the path of Detroit it didn’t seem possible.
Now it’s happening.
Fuuuuuuuuuuck.
Groot you FU Chicago with all your BS.
There goes our favorite rest stop. Always good to the Police. Enjoy the bad economy? Thank the democrats everyone keeps voting in.
Chicago hotels used to be the grand places people would go to for their restaurants, entertainment. The business people, tourists, conventioneers and the locals who wanted to do a weekend getaway were the clientele. Now you have community parties attended by the thug culture. A few years ago do you remember the shootings at the Palmer House. In some cities they taking the homeless, the drug addicts to get them off the streets. The age of the glamorous hotels is over especially with what the Coronavirus has done to this business. And who wants to go to boarded up crime ridden cities?
Glad I dumped Wells Fargo, Bank of America. and limited buying on Amazon for their blm b.s. won’t buy Goodyear. Etc. fuck mlb, nba, nfl. Buy whatever you’re putting off buying before Groot and fatass new taxes. Glad I bought my car last year before trade in disaster by fatass. Vote no on graduated income reform.
Hmmmm, groot wins an election, then the world goes to self-clean mode.
Quick, recall election!
When the BUSINESS doesn't make money, investors try to get rid of it. When there's debt service normally funded by the business, and it's not making money for some reason (tax hikes, business shift [e.g.:buggy whips to engines], pandemic, war, insurrection, riots, looters, high crime all of a sudden), then they're not going to pay that debt out of THEIR pocket - they say "fuck it - you can have it". And they let the bank take it.
The bank then has to handle things. Good luck to all. Can't wait to get out of this shithole.
Thanks for nothing Democrats!
But the homeless piss bums give it 4 out of 5 stars for customer service...
It sounds like they were having issues before the lockdown. That, along with the huge decline in tourist business due to rioting, must have been the nail in the coffin.
turn it into a sro for piss bums and addicts.
tear out the sidewalks and make it a wrap around litter box.
Why does Lori give the Palmer house to her advisor, confidant, con artist cop hater Jamal green for his community center. Lori caused the failure of Chicago by sucking up to the domestic terrorist Marxist blm mob.
Pritzker should buy it, rename it Palmer House Hyatt, then remove the toilets!
Great job Lightfoot you businesses and economic fool!
The bond holders (meaning pension funds) have the biggest problem. Wells Fargo made the loan and then immediately sold it off to a bond fund at a sizable profit.
Just know Thor investors lose. It isn’t one guys money.
It will make a great SRO or Section 8 flop house.
Many, many years ago, I believe in the late 1970's my family from Michigan stayed at this beautiful hotel for a convention of my fathers employer. We had an incredible experience and for this small town country mouse it was my first time in the big, bad city of Chicago. The biggest memory, dinning at a German restaurant and eating excellent food and listening to an old German folk song being played on an accordion by a master of that instrument. I have many other great memories from that short trip. What a shame. Times sure have changed for the worse. Very sad to hear of this one.
Sure, why not stay in Rosemont? Fine dining, live music, great business/ party district near the airport. Charter a tour bus into the city for museums, sight seeing. Get dropped off right in front of the venue, get picked up and go right back to Rosemont to spend your money. Oak street stores will soon be making the move, they know where the money is. Nice people there, happy to take your cash and they appreciate your business.
Don’t worry, Lori “I’m here now” Lightfoot will save the day. I feel so much better knowing that.
Wasn’t the Palmer House Cupich’s favorite hangout? Where is the the rascal by the way? I’m waiting to hear him say “I’m here now”.
Certainly there’s gotta be a buyer interested in distressed properties....somewhere in Illinois, someone so sinister to grab a bargain.
“Potter isn't selling. Potter's buying! And why? Because we're panicky and he's not. That's why. He's pickin' up some bargains. Now, we can get through this thing all right. We've, we've got to stick together, though. We've got to have faith in each other.“
– CEO, Bailey Bros Building & Loan.
Why wasn’t troubled, historic, long time iconic Palmer’s House not on the list of Covid’s Rehab facilities?
Mmmm-mmm-mmm.
It’s not the Covid’s.
People fear the violence more than the flu any day....mostly night. Palmer House is in a tough location, especially in these challenging times. The trend to maintain occupancy with feral room party rentals, along with vagrants roaming throughout southern half of downtown are fully accustomed to CookCo restorative justice policy, they’ve have taken over again like its 1980 all over again.
CEO Sitt is a real estate baron beyond JB. Jumping out of the Chicago market is a good indicator of what might come.
Sitt had plenty of praise for fellow developer Donald J Trump and the economic future with him as President, but do so much for the prior administration. Thor has a sizable chunk of NYC Fifth Avenue, more than anyone else but is losing big there too.
Now if The Donald puts The Tower on the sale block...
Can't wait for yet another Chinese buffet to open!
There's been no money put into the Palmer House's upkeep in over twenty years.
The same thing has happened to the Drake, once Chicago's finest hotel.
Just think that Groot's reform movement is turning Chicago into Detroit. She has single handedly increased the murder rate (523) and 3000 shootings in the first 8 months of the year. Now that's reform and change that you better believe in.
Groot the Marxist, equals bankruptcy, crime, looting, arson, riots, heavy taxation, mismanagement, corruption, despair and maximized population migration out of the city/state. Under her watch Socialism is thriving and democracy is on one of those unused Wuhan Red Death ventilators.
look who's running Chicago and other top political offices
that's the problem , gimmeee , gimmeee ain't my mfn money
Recommendation: Low Income Housing! ( Sarcasm)
Turn the whole place into a flop house.
"Anonymous said...
While I can’t say I am going to lose sleep over a real estate mogul not being able to pay his bills, these politicians need to be held criminally responsible. Crimes against humanity. Hey, give everybody a $600 a week addition to their unemployment to make them slink into the shadows and mute themselves, right? If they weren’t getting paid by the government to stay home, stay quiet and wear a mask this would already be a revolution.
9/03/2020 12:25:00 AM"
Specifically, " Crimes against humanity"
Try reading President Trumps Executive Order of December 2017, connect the dots. Perhaps you'll learn something you didn't know, because the media won't tell you the truth.
These places can recover from Covid - 19. They’ll never recover from Chicago being a dangerous city now. People will never come back here. The city is run by the ghetto now.
They’ll kill Rosemont too.
Anonymous said...
These places can recover from Covid - 19. They’ll never recover from Chicago being a dangerous city now. People will never come back here. The city is run by the ghetto now.
9/03/2020 09:11:00 PM
Don't bet the farm on this. Tourists will still come to Chicago, as well as NY, Portland, Seattle and San Fran. Probably not as many and these towns will lose plenty of the convention business when it returns in 2022.
I've just come back from Minneapolis. Everything is boarded up, hotels are closed. It's a ghost town downtown.
Even before covid, there was no shopping in downtown Mpls. No big department store anymore after Macy's left.
People are afraid to walk the streets in Minneapolis. Vagrants, theives, drug dealers, and assorted misfit make it uncomfortable, even for a forty-year-old guy. The Minneapolis City Council is even more Marxist than Chicago's
Do not, I repeat, DO NOT invest in any trendy, liberal, hipster doofus area.
When people cannot sell the condos or
townhouses at a profit, they will rent them out. Eventually, they will go
Section 8. Section 8 pays 30% over the highest average rent for that neighborhood. Your place will be trashed
or surrounded by ghetto trash. That is what the government has planned for your
neighborhood.
"...it was an incredible experience for this small town country mouse..."
Mayor BugEyes? Is that you?
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