Los Angeles, California, December 2003
- Sonnenblick-Eichner Company announced today that it has arranged $22,000,000
in long-term, fixed-rate first mortgage financing for the 265-room
Maui Coast Hotel in Maui, Hawaii.
| The 6-story Maui Coast Hotel is located
in the coastal community of Kihei, just minutes from Maui's prestigious
resort and residential area of Wailea, and approximately 11 miles from
Kahalui International Airport. Completed in 1993, the hotel is consistently
the market leader among its competitive set. The Maui Coast Hotel
is the only full service hotel in the Kihei market and has been awarded
the American Automobile Association (AAA) "Three-Diamond" designation.
The property is franchised |
Maui Coast Hotel
2259 South Kihei Road
Kihei, Hawaii |
by Vancouver, Canada-based Coast Hotels and Resorts, one of the largest
regional hotel chains in Western North America. The property is managed
by Paramount Hotels, LLC.
Elliot K. Eichner, Principal of Sonnenblick-Eichner Company commented,
"Due to the hotel's tremendous operating success over the past 4 years,
with annual occupancy in excess of 85%, we had significant lender
interest and were able to provide a cost of capital of less than 6.75%"
Added Patrick Brown, Executive Director of Sonnenblick-Eichner Company,
"Since Maui captured over 23% of total mainland lift going to Hawaii this
year, it is not surprising that it achieved the highest ADRs in the state
of Hawaii."
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-based
real estate investment banking firm that specializes in the financing and
sale of institutional quality commercial real estate. Other transactions
recently completed by Sonnenblick-Eichner Company include:
-
$118 million permanent financing for two portfolios of 14 WestCoast and
Red Lion hotels totaling 3,078 rooms.
-
$65 million interim financing for the 442-room Charleston Place, Charleston,
South Carolina.
-
$58.4 million sale of University City Village Apartments in La Jolla, California.
-
$57 million permanent financing for the Museum Square office building in
Los Angeles, California.
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