| Los Angeles, CA – January 17, 2006 - Sonnenblick-Eichner Company announced
today that they have arranged $44,000,000 of first mortgage financing for
three full service hotels located in Arizona, Florida and Illinois on behalf
of a New Orleans-based hospitality investment company.
The hotels include: the 209-room Embassy Suites in Schaumburg, Illinois; the 237-room Hilton-Rialto Hotel in Melbourne, Florida; and the 314-room Embassy Suites hotel located in Phoenix, Arizona. The properties were separately financed with the Phoenix Embassy Suites and the Hilton-Rialto Hotel securing 10-year loans with a 30-year amortization and the Schaumburg Embassy Suites property being secured by a five-year loan. “The borrower was able to realize pent-up equity in each of the properties through a debt financing at interest rates in the low 5 percent range”, said Elliot Eichner, principal with Sonnenblick-Eichner Company. Patrick Brown, also a principal with Sonnenblick-Eichner Company added, “The lender was very flexible in allowing the borrower sole management responsibility to complete renovations and PIP requirements post-closing.”
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