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 Sonnenblick-Eichner Company Completes $88.5 million of First
Mortgage Financing for a Portfolio of Nine Hotels in California
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LOS ANGELES, CA – March 20, 2007 - Sonnenblick-Eichner Company announced today that it has completed the second stage of first mortgage financing totaling $88,500,000 for a portfolio of nine hotels located along the Pacific coastline in San Diego, San Francisco, Cambria, and Pismo Beach, California.  Two of the properties are located in infill locations in Venice and Marina Del Rey. The portfolio includes three full service and six limited service hotels. The financings were 10-year fixed rate loans priced in the low 100 bps range over the 10-year treasury.  The loans were interest-only for the entire term and were provided by a European-based financial institution.  The properties are not cross-collateralized.  
 
The 679-room portfolio includes the Blue Sea Lodge, San Diego; The Inn at Venice Beach, Venice; the Holiday Inn Express, Marina Del Rey; the Lighthouse Hotel, Pacifica (San Francisco); the FogCatcher Inn and the Fireside Inn, Cambria; and the Spyglass Inn, Cottage Inn by the Sea, and Sandcastle Inn, 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 locations and barriers to entry for new hospitality developments along the California coast, including Venice, and Marina Del Rey.”
 
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, as well as independent versus branded, 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 $136 million of First Mortgage Financing for Provenance Hotels / January 2007
Sonnenblick-Eichner Company Arranges $63 million of First Mortgage Financing for a Portfolio of Six Oceanfront Hotels in California / November 2006
Sonnenblick-Eichner Company Arranges $63 million of First Mortgage Financing for a Portfolio of Six Oceanfront Hotels in California / November 2006
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
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