in Financing for National Hotel Portfolio
|Los Angeles, CA – January 17, 2006 - Sonnenblick-Eichner Company announced
today that they have arranged $44,000,000 of first mortgage financing for
three full service hotels located in Arizona, Florida and Illinois on behalf
of a New Orleans-based hospitality investment company.
The hotels include: the 209-room Embassy Suites in Schaumburg, Illinois; the 237-room Hilton-Rialto Hotel in Melbourne, Florida; and the 314-room Embassy Suites hotel located in Phoenix, Arizona. The properties were separately financed with the Phoenix Embassy Suites and the Hilton-Rialto Hotel securing 10-year loans with a 30-year amortization and the Schaumburg Embassy Suites property being secured by a five-year loan.
“The borrower was able to realize pent-up equity in each of the properties through a debt financing at interest rates in the low 5 percent range”, said Elliot Eichner, principal with Sonnenblick-Eichner Company.
Patrick Brown, also a principal with Sonnenblick-Eichner Company added, “The lender was very flexible in allowing the borrower sole management responsibility to complete renovations and PIP requirements post-closing.”
|Also See:||Sonnenblick-Eichner Company Arranges $68,500,000 in Financing for Two California Hotels / April 2005|
|Sonnenblick-Eichner Company Arranges $17.6 Million in Financing for Hilton Tampa Westshore in Tampa Bay, Fla. / January 2005|