CHICAGO - (December 04, 2025)
Draper and Kramer, Incorporated, a national full-service real estate firm, today announced that Mark Perkowski, senior vice president with Draper and Kramer’s Commercial Finance Group (CFG), has arranged a $54 million loan on behalf of Vinayaka Hospitality for its acquisition of the Westin Michigan Avenue, a 752-key full-service hotel located at 909 N. Michigan Ave. in Chicago. Vinayaka Hospitality purchased the property for $72 million from a venture of Bethesda, Md.-based Pebblebrook Hotel Trust.
“This iconic hotel, one of downtown’s largest and with a prime location along the famed Magnificent Mile, is the very definition of a trophy property — making it an incredible investment,” said Perkowski. “And with Vinayaka Hospitality’s track record of successfully acquiring, improving, and managing similar full-service hotels, it was certainly an attractive lending opportunity.”
The acquisition loan was provided by a life insurance company sourced by Perkowski. The loan provided the leverage, term and flexibility the sponsor desired to effectuate its business plan of improving the asset and maintaining its status as one of Chicago’s premier lodging options for both business and leisure travelers.
Chicago has shown particularly strong demand for hotel rooms in 2025, with Choose Chicago noting that over the summer months of June, July and August, hotels in Chicago’s Central Business District filled over 3.56 million room nights, a new record for the city. It was a 4.3% gain over 2024 and beat the previous record set pre-COVID in the summer of 2019.
For more information on Draper and Kramer’s Commercial Finance Group, visit https://draperandkramer.com/what-we-do/commercial-finance-group/.
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 130 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years and today spans expertise in residential and commercial development, acquisition, property management and leasing; and debt and equity financing for commercial properties. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S., including corporations; private and institutional owners and users of real estate; government agencies; and foundations. For more information, visit www.draperandkramer.com.
About the Commercial Finance Group (CFG)
For more than 125 years, Draper and Kramer, Incorporated, has sourced commercial real estate debt and equity used to acquire, develop, renovate, refinance and recapitalize assets across property sectors and markets throughout the U.S. Today, through its Commercial Finance Group (CFG), the company continues that tradition with innovative financing solutions at all levels of the capital stack that are offered to third-party clients and used by Draper and Kramer for its own investments. As a service- and relationship-driven business, CFG prides itself on longstanding partnerships with more than 25 life insurance companies, some of which date back more than a century. For more information, visit www.draperandkramer.com/what-we-do/commercial-finance-group/.
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Editors:
For more information, contact Vanessa Irving, [email protected], 312-267-4531.
Media Coverage:
Chicago Business Journal, Connect CRE, CoStar, MBA Newslink, REjournals
Draper and Kramer, Incorporated today announced that Mark Perkowski, senior vice president with Draper and Kramer’s Commercial Finance Group (CFG), has closed a $54 million loan on behalf of Vinayaka Hospitality for its acquisition of the Westin Michigan Avenue, a 752-key full-service hotel located at 909 N. Michigan Ave. in Chicago.
