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 Sonnenblick-Goldman Company Arranges $60 Million Financing for the Clift Hotel, San Francisco
 
New York, NY - June 7, 1999 - Sonnenblick-Goldman Company, acting as the exclusive financial advisor to Ian Schrager Hotels LLC, has arranged the financing for the $80 million acquisition of The Clift Hotel.  The financing was provided by DLJ Mortgage Capital, Inc. through its subsidiary Column Financial, Inc.  The loan was used to purchase the hotel from Grovsenor Clift Associates and to finance a $25 million renovation.  The partnership of Ian Schrager Hotels, which has been operating the hotel since shortly after Apollo Realty Advisors bought control of the property from Four Seasons in December 1996, and NorthStar Capital Investment Corporation (Ian Schrager Hotels LLC) have now retained full ownership.

Arthur Adler, Managing Director of Sonnenblick-Goldman, commented that "The Clift is a landmark hotel which Ian Schrager Hotels intends to restore to its original grandeur.  This transaction was attractive due to the quality of the hotel and Ian Schrager Hotels' track record of successfully renovating existing properties and generating superior operating performance."
 

Rising from the rubble of old San Francisco
amid the futuristic fanfare of the 1915
Panama-Pacific Exposition, The Clift Hotel
embodied both the grand tradition of a bygone age and the excitement of America's increasing world influence. 
The Clift is a 326-room, 17-story, full-service luxury hotel located on Geary Street in the heart of San Francisco's upscale shopping district, Union Square.  Built in 1915, The Clift hotel was the first hotel in the United States to receive both the Five Diamond Award by the American Automobile Association and the Five Star Award by the Mobile Travel Guide.  The property contains approximately 9,000 square feet of meeting space, a fitness center, a business center, and a variety of other unparalleled amenities.  The hotel is also home to the historic Redwood Room, which was touted as "the best hotel bar in the country" by Conde Nast Traveler's Gold List. 

Sonnenblick-Goldman Company is the leading independent real estate investment-banking firm in the nation.  Founded in 1893 to serve the financing needs of the industry, Sonnenblick-Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, institutional dispositions, and other real estate advisory services.  Headquartered in New York, the firm has offices in Denver, Hong Kong, Los Angeles, Miami, San Francisco, Singapore, and Washington, DC. During 1998 alone, Sonnenblick-Goldman completed major commercial real estate transactions with a gross value of over $8.0 billion.

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Contact:
Kim Moffitt 
KMoffitt@sonngold.com
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Also See: Paramount Hotel: The Second Act - Ian Schrager Takes His 'Urban Oasis' to Another Level / April 1998 
Ian Schrager and NorthStar Acquire St. Moritz Hotel; Historic Properly Will be Redeveloped and Re-Introduced as Chic, Urban Hotel / April 1998 

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