|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
amid the futuristic fanfare
of the 1915
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
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.