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CHICAGO-Denihan Hospitality Group is financing its $10-million renovation of the former Fitzpatrick Chicago Hotel with a floating-rate loan from GMAC Commercial Mortgage Corp. The New York City-based hotel company already used the loan to buy the 143-room hotel at 166 E. Superior St. for $31.2 million, according to documents filed with the Cook County Recorder of Deeds office, and will use another $9.9 million from GMAC Commercial Mortgage to convert it to the Affinia Chicago.

The renovations, expected to take a year, will create a 207-room property with a restaurant and lounge, 5,000 sf of meeting space as well as a fitness center. Lobbies and entrances will be upgraded, and furniture and fixtures will be replaced. The 28-story building, which now contains office space but only 2,500 sf of meeting space, is being overhauled by DiLeonardo International Inc., which has experience at other Affinia properties.

DHG currently owns and operates six hotels in New York under the Benjamin and Affinia Hotels brands and manages several independent properties.