Newsfile Corp
20 May 2026, 12:51 UTC · 1d ago
Source · https://www.newsfilecorp.com/release/298194/Mag-Mile-Capital-Closes-23.5-Million-Acquisition-Financing-for-Landmark-Homewood-Suites-ChicagoDowntown-Hotel
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Mag Mile Capital successfully closed a $23.5 million permanent fixed-rate acquisition loan for the Homewood Suites by Hilton Chicago-Downtown. — Directly increases the company's deal flow and validates its ability to execute complex hospitality financings in a challenging rate environment.
+0.30The hotel property was acquired for $29 million, implying a price of approximately $124,464 per key. — Provides a concrete valuation benchmark for extended-stay hospitality assets in the Chicago urban market.
+0.10The financing structure includes a $3.3 million PIP (Property Improvement Plan) holdback for planned renovations. — Indicates a commitment to asset appreciation and operational upgrades, though it is a standard part of hotel acquisitions.
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The company successfully closed a $23.5 million acquisition loan and reported record Q1 2026 results with 205% revenue growth.
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