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 Sonnenblick-Eichner Company Arranges $63 million of First Mortgage
Financing for a Portfolio of Six Oceanfront Hotels in California
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LOS ANGELES, CA – November 7, 2006 - Sonnenblick-Eichner Company announced today that it has arranged $63,000,000 of first mortgage financing for a portfolio of six oceanfront hotels located along the Pacific coastline in San Diego, San Francisco, Cambria, and Pismo Beach, California.  The portfolio includes three full service and three limited service hotels. The financing was a 10-year fixed rate loan priced in the low 100 bps range over the 10-year treasury.  The loan was interest-only for the entire term and was provided by a European-based financial institution.  The properties were not cross-collateralized. 

The 493-room portfolio includes the Blue Sea Lodge, San Diego; the Lighthouse Hotel, Pacifica (San Francisco); the FogCatcher Inn and the Fireside Inn, Cambria; and the Spyglass Inn and Cottage Inn by the Sea, Pismo Beach. The properties are rated Three-Diamond by the American Automobile Association.

Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, “This unique portfolio was able to attract favorable terms due to the properties’ strategic location along the California coast, which creates severe barriers to entry for new hospitality developments.”

Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, “The hotel debt capital markets did not differentiate between the full and limited service assets in the portfolio in terms of pricing for this transaction.”

About Sonnenblick-Eichner Company

Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint venture equity transactions.  The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties. 

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Contact:

Debi Fidler
Sonnenblick-Eichner Company
1901 Avenue of the Stars, #1750
Los Angeles, Ca 90067
Tel 310-286-7700  Fax 310-286-7710
dfidler@sonneich.com
www.sonneich.com

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Also See: Sonnenblick-Eichner Company Arranges $28 million of First Mortgage Financing for the Hotel Andra in Seattle, Washington / October 2006
Sonnenblick-Eichner Company Arranges $41.5 million of First Mortgage Financing for Hotel 1000 in Seattle, Washington / September 2006
Sonnenblick-Eichner Company Arranges $61.5 million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, California / September 2006
Sonnenblick-Eichner Company Completes $40 million Sale of the Coast Santa Cruz Hotel in Santa Cruz, California / September 2006
Sonnenblick-Eichner Company Arranges $41.5 million of First Mortgage Financing for the Maui Coast Hotel in Maui, Hawaii / June 2006
Sonnenblick-Eichner Company Arranges $236 million in Construction Financing for Viceroy Anguilla Resort and Residences, Anguilla, B.W.I. / June 2006
Sonnenblick-Eichner Company Arranges $67 million of First Mortgage Financing for Charleston Place, Charleston, South Carolina / March 2006
Sonnenblick-Eichner Company Arranges Permanent Financing for The Crowne Plaza Hotel in Phoenix, Arizona / February 2006
Sonnenblick-Eichner Company Arranges $54 million of Leasehold Renovation Financing for The Sheraton Park Hotel at the Anaheim Resort, Anaheim, California / February 2006
Sonnenblick-Eichner Company Arranges $58.5 million of Long Term Financing for the Benson Hotel and Paramount Seattle Hotel / January 2006
Sonnenblick-Eichner Company Arranges $44 million in Financing for National Hotel Portfolio / January 2006
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

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