Beverly Hills, California, September 19, 2017 – Sonnenblick-Eichner Company announced today that it has arranged $135,780,000 of non-recourse, first mortgage financing for 11 of Memphis-based Cooper Hotels’ properties totaling 2,037 rooms. The hotels include full service, select service, extended stay and limited service hotels located in Florida, Michigan, and Tennessee, all branded by Hilton.
The 5-year floating rate loan was underwritten to a 70% loan-to-value and pays on an interest-only basis for the entire term.
The portfolio includes the following properties:
- Hilton Naples, Naples, Florida
- Hilton Orlando/Altamonte Springs, Altamonte Springs (Orlando), Florida
- Homewood Suites by Hilton Ft. Myers Airport, Fort Myers, Florida
- Embassy Suites by Hilton Detroit Metro Airport, Romulus, Michigan
- Hilton Garden Inn Detroit Metro Airport, Romulus, Michigan
- Hampton Inn & Suites Detroit/Airport-Romulus, Romulus, Michigan
- DoubleTree by Hilton Memphis, Memphis, Tennessee
- DoubleTree by Hilton Jackson, Jackson, Tennessee
- DoubleTree by Hilton Murfreesboro, Murfreesboro, Tennessee
- DoubleTree by Hilton Oak Ridge – Knoxville, Oak Ridge, Tennessee
- DoubleTree by Hilton Johnson City, Johnson City, Tennessee
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “The Cooper Hotels portfolio was marketed for both a fixed and floating rate execution. Ultimately, our client opted for a floating rate loan affording them maximum flexibility with respect to prepayment. Given the viability of the cash flow, excellent sponsorship, and ongoing capital investment in the properties, we had significant lender interest in the recapitalization.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “As a testament to our longstanding client relationships, this is the 3rd financing that we arranged for Cooper Hotels.”
