LOS ANGELES, CA � March 20, 2007 - Sonnenblick-Eichner Company announced
today that it has completed the second stage of first mortgage financing
totaling $88,500,000 for a portfolio of nine hotels located along the Pacific
coastline in San Diego, San Francisco, Cambria, and Pismo Beach, California.
Two of the properties are located in infill locations in Venice and Marina
Del Rey. The portfolio includes three full service and six limited service
hotels. The financings were 10-year fixed rate loans priced in the low
100 bps range over the 10-year treasury. The loans were interest-only
for the entire term and were provided by a European-based financial institution.
The properties are not cross-collateralized.
 The
679-room portfolio includes the Blue Sea Lodge, San Diego; The Inn at Venice
Beach, Venice; the Holiday Inn Express, Marina Del Rey; the Lighthouse
Hotel, Pacifica (San Francisco); the FogCatcher Inn and the Fireside Inn,
Cambria; and the Spyglass Inn, Cottage Inn by the Sea, and Sandcastle Inn,
Pismo Beach. The properties are rated Three-Diamond by the American Automobile
Association.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, �This unique portfolio was able to attract favorable terms due to the properties� strategic locations and barriers to entry for new hospitality developments along the California coast, including Venice, and Marina Del Rey.� Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, �The hotel debt capital markets did not differentiate between the full and limited service assets, as well as independent versus branded, in terms of pricing for this transaction.� About Sonnenblick-Eichner Company  Sonnenblick-Eichner
Company (www.sonneich.com) is a Los
Angeles-based real estate investment banking firm that specializes in arranging
structured finance for acquisition, construction and permanent loans, interim
and mezzanine financing as well as joint venture equity transactions.
The company is recognized for its expertise in marketing institutional
real estate for sale and providing capital for all product types including
retail, office, hospitality, industrial, and multifamily properties. |