Avatar Financial Group LLC has provided a $3.55 million bridge loan for the Parke Regency Hotel and Conference Center in Bloomington, Illinois, supporting both a recapitalization and a brand conversion. The financing pays off the property’s existing bank debt and supplies capital for its transition to a premium economy Spark by Hilton flag.
The two-year bridge loan is structured at 70% loan-to-stabilized-value, reflecting underwriting based on the hotel’s anticipated performance after completion of the conversion. In addition to retiring prior debt, the facility includes funding for a reserve dedicated to the Hilton-approved property improvement plan, which is budgeted at approximately $1.5 million. The PIP is designed to bring the asset in line with Spark by Hilton brand standards and to position the hotel to access Hilton’s customer base and reservations platform.
Avatar President and Co-Founder T.R. Hazelrigg IV noted that the property has operated independently in recent years and has lacked the distribution benefits of a major flag. According to Hazelrigg, the capital program associated with the Spark conversion is intended to align the hotel with Hilton’s system and capture demand from the broader Hilton network.
The Parke Regency Hotel and Conference Center is located at 1401-1413 Leslie Drive in Bloomington. The three-story hotel sits on a 5.34-acre site and currently offers 70 guestrooms. It also features approximately 12,000 square feet of meeting and event space that serves conferences and other group functions, alongside an on-site restaurant and a fitness room for guests.
As part of the planned conversion to Spark by Hilton, the project scope includes upgrades to both guestrooms and common areas. Upon completion of the renovation program, the room count is expected to increase from 70 to 71 keys. Construction and brand implementation work tied to the Spark repositioning is anticipated to be completed by January 2027, at which point the asset is expected to fully operate under the new Hilton premium economy flag.
