Thor Equities Palmer House Hilton in Chicago is now worth substantially less than the debt on 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. A sale at the appraised value would wipe out a $94 million mezzanine loan and
source https://therealdeal.com/2020/08/31/joe-sitt-sees-valuation-plummet-at-trophy-chicago-hotel-property/
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