| Los Angeles, CA – June 26, 2007 - Sonnenblick-Eichner Company announced
today that it has arranged $49 million of first mortgage financing for
three separately owned hotels located in the Pacific Northwest cities of
Portland and Seaside, Oregon and Seattle, Washington.
The company arranged a $20 million, 10-year fixed rate loan for the Best Western Ocean View Resort, a 5-story 107-room full service hotel located on the beach in Seaside, Oregon. The AAA Three-Diamond hotel includes 6,100 square feet of meeting and banquet facilities, a restaurant and bar, and a heated indoor swimming pool. The Hotel Bridgetown, formerly the Days Inn hotel located in the Portland CBD, is a 5-story, 174-room hotel and will be one of downtown Portland’s newest independent full service boutique hotels. The company arranged a $17 million acquisition and renovation loan which provides the borrower funds to complete an extensive $6 million renovation. The 5-year LIBOR-based floating rate facility is non-recourse. Sonnenblick-Eichner Company also arranged a 10-year fixed rate loan for the 154-room Hampton Inn Southcenter located in Seattle, Washington, refinancing a maturing loan previously arranged by the company. The $12 million loan is for a term of 10-years and the payments are interest only for the entire term. The hotel is located in close proximity to Sea-Tac International Airport. Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, “These transactions are indicative of our experience in hotel financing throughout the Pacific Northwest. Including these transactions, we have completed $390 million in financing for 19 different independent and branded hotel assets over the past 18 months in the region.” Aaron Lerner, a Vice-President of Sonnenblick-Eichner Company, added, “We were successful in working through several new underwriting challenges resulting from the recent shifts in the capital markets in addition to the rapid run-up in long term interest rates. By leveraging our company’s relationships with capital providers, we were able to successfully close these loans on behalf of our clients.” About Sonnenblick-Eichner Company
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