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for The Crowne Plaza Hotel in Phoenix, Arizona |
PHOENIX, AZ � February 21, 2006 - Sonnenblick-Eichner Company announced
today that it has arranged permanent financing for the 250-room Crowne
Plaza Phoenix Hotel located in Phoenix, Arizona.
The Crowne Plaza Hotel is a AAA 3-Diamond full service hotel that just recently underwent renovations of approximately $20,000 per room to the hotel�s guestrooms, common areas, lobby, meeting and banquet areas, porte cochere and pool areas. Elliot Eichner, principal of Sonnenblick-Eichner Company commented, �Current market underwriting and the excellent year-over-year performance allowed us to obtain financing that resulted in significant repayment to equity investors. The five year loan was priced below 6% with a 30-year amortization schedule and an interest only period.� �This is the third financing Sonnenblick-Eichner Company has completed in the Scottsdale/Phoenix area in the last 60 days. Other financings that we recently arranged in the market include the Embassy Suites Phoenix North and the Caleo Resort and Spa,� commented Patrick Brown, also a principal of Sonnenblick-Eichner Company. About
Sonnenblick-Eichner Company
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Contact:
Debi Fidler
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