Hotel Online
News for the Hospitality Executive

..


Sonnenblick-Eichner Company Arranges $112,000,000
of Financing for the Cooper Hotel Portfolio

 

Beverly Hills, California, November 13, 2012 - Sonnenblick-Eichner Company announced today that it has arranged $112,000,000 of non-recourse, first mortgage and mezzanine financing for an 11-property hotel portfolio totaling 2,130 rooms.  The hotels include both full-service and select service hotels branded by Hilton Worldwide and Intercontinental Hotels and Resorts.

The hotels, located throughout Florida, Michigan, and Tennessee, include the following properties:
  • Hilton Naples, Naples, Florida
  • Hilton Orlando/Altamonte Springs, Altamonte Springs (Orlando), Florida
  • Crowne Plaza Fort Myers at the Bell Tower Shops, Fort Myers, Florida
  • Embassy Suites Detroit Metro Airport, Romulus, Michigan
  • Hilton Garden Inn Detroit Metro Airport, Romulus, Michigan
  • Hampton Inn & Suites Detroit/Airport-Romulus, Romulus, Michigan
  • DoubleTree by Hilton Memphis, Memphis, Tennessee
  • DoubleTree by Hilton Jackson, Jackson, Tennessee
  • DoubleTree by Hilton Murfreesboro, Murfreesboro, Tennessee
  • DoubleTree by Hilton Oak Ridge - Knoxville, Oak Ridge, Tennessee
  • DoubleTree by Hilton Johnson City, Johnson City, Tennessee
The 5-year fixed rate financing was underwritten to 80% of the portfolio value.  The financing has a blended interest rate in the mid 6 percent range with a 25-year amortization schedule.
 
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “We were successful in securing a capital source that provided financing for the entire capital stack for both the senior and mezzanine loan, resulting in a seamless transaction for the Borrower.  The first mortgage component will be securitized, and the mezzanine tranche will be retained by the issuer.  Given the liquidity in the capital markets, the loan sized to a debt yield less of than 9.5%.  The loan closed within 60 days from application.”
 
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “Hurdles in this transaction included getting the lender comfortable with the secondary markets that some of the properties are located in.  The quality of the sponsorship gave the lender additional comfort to retain the mezzanine portion of the loan.”

About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-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. 
.
Contact:

Colette Schamet
Sonnenblick-Eichner Company 
310-286-7700
cschamet@sonneich.com
  www.sonneich.com

 

.
Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here  

To Learn More About Your News Being Published on Hotel-Online Inquire Here

Also See: Sonnenblick-Eichner Company Arranges $17,150,000 of First Mortgage Financing for Aloft Austin, Austin, Texas / October 2012

Sonnenblick-Eichner Company Arranges $17,125,000 of Financing for the Hilton Garden Inn Ames, Iowa and Hilton Garden Inn Lakeland, Florida / September 2012

Sonnenblick-Eichner Company Arranges $42,000,000 of First Mortgage Financing for The Doubletree by Hilton Hotel New Orleans, New Orleans, Louisiana / June 2012

Sonnenblick-Eichner Company Arranges $29,200,000 of First Mortgage Financing for a Portfolio of Four Hotels in California / May 2012

Sonnenblick-Eichner Company Arranges $17,500,000 of First Mortgage Financing for the Doubletree By Hilton Hotel Dallas-Campbell Centre / March 2012

Sonnenblick-Eichner Company Arranges $45 Million in Construction Financing for El Encanto Hotel, Santa Barbara, California / November 2011

Sonnenblick-Eichner Company Arranges $48 Million of First Mortgage Financing for the TVG Marriott Hotel Portfolio, New Orleans, Louisiana / January 2011

Sonnenblick-Eichner Company Arranges $20.5 Million of First Mortgage Financing for The Surfsand Resort in Cannon Beach, Oregon / December 2010

Sonnenblick-Eichner Company Arranges $80 million of First Mortgage Financing for Charleston Place, Charleston, South Carolina / November 2010

Sonnenblick-Eichner Company Arranges $60 million Hotel Portfolio Financing / May 2008

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

To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.