Financing for Charleston Place, Charleston, South Carolina
|Los Angeles, California, March 14, 2006 - Sonnenblick-Eichner Company
announced today that it has arranged $67,000,000 of first mortgage financing
for Charleston Place, Charleston, South Carolina at a sub 100 basis point
spread over LIBOR.
Charleston Place is a premier, 442-room luxury hotel along with 57,000 square feet of high end, boutique retail space situated in the heart of the historical Peninsula District of Charleston, South Carolina. Amenities at the hotel include approximately 35,855 square feet of meeting and banquet facilities; two full-service restaurants, including the award winning Charleston Grill; and a 20,000 square foot state-of-the-art spa and fitness facility. Retailers at the property include Gucci, Montblanc, LaCoste, and Benetton. Charleston Place has been awarded the “Four-Star” rating by the Mobil Travel Guide and the “Four-Diamond” rating by the American Automobile Association (AAA).
Charleston Place, owned and operated by affiliates of Orient-Express Hotels Ltd. (NYSE:OEH), has a unique collection of some of the world’s finest hotel properties, catering to the elite traveler.
Elliot K. Eichner, Principal of Sonnenblick-Eichner Company commented, “Charleston Place is recognized as one of the top hotels in the United States. That, coupled with the excellent sponsorship of Orient-Express Hotels, resulted in pricing significantly less than 100 basis points over LIBOR with no amortization during the 5-year term of the loan.”
Patrick Brown, also a principal, added, “This was a highly structured transaction due to several layers of existing debt that were required to remain in place.”
The LIBOR-based financing replaces a loan previously arranged by Sonnenblick-Eichner Company.
About Orient-Express Hotels Ltd.
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|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|