 Beverly Hills, California, January 17,
2013 - Sonnenblick-Eichner Company announced today that it has
arranged a
$31,500,000 sale of the fee simple interest in a 1.37-acre land parcel
at the
southeast corner of Sunset Boulevard and Doheny Drive in West
Hollywood,
California. The property was sold to
Marriott International, Inc. The
property is fully entitled for the development of a 190-room hotel and
residences with ancillary amenities, including restaurants, night club
and a rooftop
pool and bar. Marriott International has announced that they will be
developing
their west coast flagship of the EDITION brand hotel at this west
Sunset Strip
location. EDITION hotels are being
developed in Miami Beach, London, and New York as well. The
EDITION is Marriott’s new luxury lifestyle
brand that was conceived in conjunction with Ian Schrager. The
development of the EDITION at this
location will offer unobstructed views of Hollywood Hills, the Los
Angeles
basin and Pacific Ocean from its guestrooms and residential suites. David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented: ”This site, at the corner of Sunset and Doheny, is arguably the best development site in Los Angeles for a luxury hotel and residences. We had significant interest from other hotel companies’ desirous of having a presence in Los Angeles.” Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added: “We were initially engaged by the fee owner to arrange for joint venture equity, construction financing, a brand/operator, and a qualified luxury hotel developer to build the project. The final analysis was that the best execution on behalf of the owner was to sell the fully entitled site to Marriott International.” 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. |