for The Crowne Plaza Hotel in Phoenix, Arizona
|PHOENIX, AZ – February 21, 2006 - Sonnenblick-Eichner Company announced
today that it has arranged permanent financing for the 250-room Crowne
Plaza Phoenix Hotel located in Phoenix, Arizona.
The Crowne Plaza Hotel is a AAA 3-Diamond full service hotel that just recently underwent renovations of approximately $20,000 per room to the hotel’s guestrooms, common areas, lobby, meeting and banquet areas, porte cochere and pool areas.
Elliot Eichner, principal of Sonnenblick-Eichner Company commented, “Current market underwriting and the excellent year-over-year performance allowed us to obtain financing that resulted in significant repayment to equity investors. The five year loan was priced below 6% with a 30-year amortization schedule and an interest only period.”
“This is the third financing Sonnenblick-Eichner Company has completed in the Scottsdale/Phoenix area in the last 60 days. Other financings that we recently arranged in the market include the Embassy Suites Phoenix North and the Caleo Resort and Spa,” commented Patrick Brown, also a principal of Sonnenblick-Eichner Company.
|Also See:||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|