Godfrey Hotel, Chicago, IL
Distressed hotel repositioning
In May 2011, Quadrum acquired a non-performing loan collateralized by a failed hotel development at 127 West Huron Street in Chicago, IL, several blocks from both Chicago downtown and from Michigan Avenue, a major north-south shopping and tourist street.
At the time of acquisition, more than 50% of the underlying property was constructed with the structural frame almost complete. Quadrum took title to the property in February 2012 through a deed-in-lieu of foreclosure, and settled the remaining outstanding mechanics liens in December 2014.
The property was completed in February 2014 and is operating as Godfrey Hotel. Together with local partner Oxford Capital Group significantly we not only re-designed and completed the hotel but also significantly upgraded the food and beverage offering with an introduction of a signature restaurant by Dolce on the ground floor as well a highly acclaimed IO Club rooftop lounge – now one of Chicago’s top night life destinations.