While the ownership could change, the business itself and Hilton’s long-term connection to the hotel — it owned it for decades — are likely to continue. The hospitality sector has always been very cyclical with rather ugly downturns. Comparing him to Patrick Mahomes or Deshaun Watson — two quarterbacks available when Ryan Pace traded up to draft Trubisky four years ago — almost feels cruel. New York-based Thor could not be reached for comment. As the Tribune reported about the wedding in 1870, a hotel wasn’t Palmer’s original idea of a suitable wedding present: And here’s what Chicago Sun-Times writes: The owner, an affiliate of Thor Equities, was accused in a Cook County Circuit Court lawsuit of defaulting on a $333.2 million mortgage. The lawsuit said Thor owes $337.8 million on the mortgage, counting principal, interest and penalties. It's Free! Or @klm, Hilton Honors Rate & Bonus Points And Miles Promotions, Hilton Japan Combine 30% Off Summer Sale + Go To-Campaign 35% Rebate (Book By September 25), Rebound Of Chinese Tourism In Thailand Won’t Happen Anytime Soon As Per Embassy Envoy. Thai Airways CEO Gets Two Year Jail Sentence For Failure To... Qantas Frequent Flyer Gold (Oneworld Sapphire) Fast Track From Select Programs... Kimpton Hotels New Secret Password Is Out, Good Through Valentines Day... Asymptomatic Person Infects 5% Of Passengers On Dubai To Auckland Emirates... Fairmont Black Friday Gift Card Sale 2 PM – 5 PM... British Airways Buy Avios Up To 50% Mystery Bonus Sale Through... Buenos Aires To Reopen For International Tourists On December 15, 2020. The next hearing on the case is scheduled for February 2021, although Thor is expected to provide its response by Sept. 10 to the request for a receiver. Sign up for the Violence soars in Minneapolis after Floyd killing, but one Chicago police district is even worse. It is unclear when the hotel will reopen its doors, if ever. Exactly a hotel that is very difficult to operate in the current environment. A painful example of how the industry has struggled amid the pandemic is the Palmer House Hilton in Chicago. New York-based owner Thor Equities was sued … The owner of the historic Palmer House Hilton has been sued for almost $338 million in missed loan payments, in the largest Chicago foreclosure case to emerge from the coronavirus pandemic. Hilton operates the Palmer House under a management contract. He had... © 2011–2020 LoyaltyLobby.com - Site & Contents, The worst business class meal of 2020? That’s more than in the entire first eight months since the pandemic hit Illinois. Guadalupe "Lupe" Lopez died Nov. 16 of complications from the coronavirus. Carr will oversee all educational programs, business services, online classes and streaming performances for all three Second City locations, including Toronto and Hollywood. The historic hotel, after seeing its valuation plummet, was hit last month with a foreclosure suit over unpaid mortgage payments. Hilton Honors Buy Points 100% Bonus With Doubled Limit Through December 31, 2020. Yet, like the mythological phoenix, the Palmer House rose from its ashes. A mezzanine loan is a higher-interest form of debt subordinate to the mortgage. If you enjoyed this article, get our blog updates for free! The owners often are investor groups, not the major chains such as Hilton or Marriott that have their names on a property but only as operators. The San Francisco 49ers will play two home games in Arizona after new coronavirus regulations put in place by officials in Northern California forced the team to find a temporary new home. The Palmer House has been closed since early in the pandemic and, according to a Hilton Hotels spokeswoman, has not set a reopening date. Chicago Tribune has an excellent piece about the rich history of the hotel: Little more than a year after its grand opening, the original Palmer House was consumed in the Great Chicago Fire of 1871. But the difficult tourism and travel market is liable to continue for months. That percentage is based only on Chicago’s open hotels; it would be lower if the closed properties were factored in. @turkishairlines new business class seat? The second-largest Chicago hotel, the Palmer House at 17 E. Monroe St. depends on conventions and business travel that have largely dried up during the struggle to contain COVID-19. Bears QB Mitch Trubisky fumbles his second chance. “The virus is the boss here,” said Jon Peck, a Chicago-based consultant for the lodging industry. But experts said the Palmer House’s problems demonstrate the financial pressure all hotel owners face. The association has asked Congress for more aid, joining a parade of industries seeking additional help to stay open and rehire workers. Rebuilt quickly after the fire, and then rebuilt again in 1925, it still bears witness to a Gilded Age love story. Hilton Bonus Bonanza – 43,202 Points For A Night! The current owner is behind payments, and the hotel is “underwater,” meaning that its outstanding loans exceed its most recent valuation (and the owner has decided to turn the keys to the lender). With a foreclosure suit filed against its owner, the Palmer House Hilton hotel has become the most prominent Chicago victim of the collapse of the lodging industry due to the pandemic. City center and convention hotels are hit incredibly hard, while hotels at leisure destinations within driving distance from large population centers in the United States are doing well, considering the situation, at least during the weekends. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. Among big convention hotels, the Sheraton Chicago and the Chicago Hilton are shut. Mayor Lori Lightfoot says her new budget will address the underlying causes of violence on the West Side, but some activists and aldermen want her to do more. The relatively lower caseload brings the total for the month of November to 308,331 cases. The city’s largest hotel, the Hyatt Regency, is open. Want daily blog updates delivered straight to your inbox? The owner, an affiliate of Thor Equities, was accused in a Cook County Circuit Court lawsuit of defaulting on a $333.2 million mortgage. newsletter, Three more employees in Cook County chief judge’s office test positive for coronavirus, Illinois health officials report 6,190 new cases of COVID-19, 85 new deaths, Chicago 911 dispatcher gets a final salute, McRib sandwich returning to McDonald’s on Wednesday; free sandwich contest announced, North Shore butcher who made $3.7M from illegal gambling business gets one year in prison, Thanksgiving dinner guest stabbed man to death in fight over table manners: prosecutors, Second City names Jon Carr new executive producer, Coronavirus restrictions force 49ers to move two home games to Arizona. By choosing I Accept, you consent to our use of cookies and other tracking technologies. “There are some of those we might lose permanently,” he said. #avianca. The pandemic has wiped out events on McCormick Place’s schedule and Navy Pier, one of the biggest tourism draws in the state, will close for the winter after Labor Day. You can access Palmer House’s website here. The hotel was a gift from Potter Palmer, the real-estate mogul who developed State Street, to his bride, Bertha Honore, a great beauty half his age. Wells Fargo Bank, trustee for the holders of securities that include the Palmer House loan, filed the suit Aug. 20 and asked the court to appoint a receiver for hotel operations. Jacobson said the Marriott on Michigan Avenue reopened Tuesday. Michael Jacobson, CEO of the Illinois Hotel & Lodging Association, said huge convention hotels such as the Palmer House will survive, in part because the properties can’t easily be converted into something else, such as condos. Know about breaking news as it happens. It also said there’s a $94.4 million mezzanine loan on the property.