Hotel Online  Special Report

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 Sonnenblick-Eichner Company Arranges
$60 million Hotel Portfolio Financing
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LOS ANGELES, CA – May 27, 2008 - Sonnenblick-Eichner Company announced today that it has arranged $60,000,000 of first mortgage financing for a portfolio of seven hotels located in Florida, Tennessee, and North Carolina on behalf of Cooper Hotels.  The portfolio is comprised of the Crowne Plaza Fort Myers, Florida; Doubletree Memphis, Doubletree Murfreesboro, Doubletree Jackson, Doubletree Oak Ridge, and Doubletree Johnson City, all located in Tennessee; and the Homewood Suites Charlotte, North Carolina.  
 
The 5-year, interest-only facility was priced at 250 bps. over LIBOR and was provided by a money center commercial bank with no syndication requirements.
 
All the properties benefit from excellent locations within their respective markets and have recently received significant renovations resulting in substantial increases in ADR, Occupancy, and RevPAR performance.  Several of the Doubletree hotels are the only full-service hotels with meeting space and food and beverage operations in their markets.
 
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, “Despite the turmoil and volatility in the capital markets, we were successful in securing financing for this transaction from one lender with no syndication requirement at closing.  We believe that this transaction represents one of the only hospitality portfolio financings to close in the first half of 2008. ”
 
Aaron Lerner, a Vice President with Sonnenblick-Eichner Company, added, “The borrower was able to recapture significant equity in this portfolio while also reducing debt service.  This financing clearly demonstrates that a transaction with institutional quality sponsorship, consistent earnings history, and a focused business plan is still financeable in the marketplace today. ”
 
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:

Katie Shumaker
Sonnenblick-Eichner Company 
310-286-7700
kshumaker@sonneich.com
www.sonneich.com

 

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Also See: Sonnenblick-Eichner Company Arranges $19,300,000 of Acquisition Financing for Hotel Fifty, Portland, Oregon / December 2007
Sonnenblick-Eichner Company Arranges $24 Million of First Mortgage Financing for Hotel deLuxe in Portland, Oregon / December 2007
Sonnenblick-Eichner Company Arranges $33,000,000 of First Mortgage Financing for Hilton Fort Lee at the George Washington Bridge, Fort Lee, New Jersey / September 2007
Sonnenblick-Eichner Company Arranges $212,500,000 Construction Financing for St. Regis Resort & Residences Deer Crest, Deer Valley, Utah / July 2007
Sonnenblick-Eichner Company Arranges $49,000,000 of First Mortgage Financing for Three Hotels in the Pacific Northwest / June 2007
Sonnenblick-Eichner Company Arranges $65,000,000 of First Mortgage Leasehold Financing for the Sheraton Park Hotel at the Anaheim Resort, Anaheim, California / June 2007
Sonnenblick-Eichner Company Completes $88.5 million of First Mortgage Financing for a Portfolio of Nine Hotels in California / March 2007
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
Sonnenblick-Eichner Company Arranges $17.6 Million in Financing for Hilton Tampa Westshore in Tampa Bay, Fla. / January 2005

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