Beverly Hills, CA (November 1, 2017) — Sonnenblick-Eichner Company has secured $16,750,000 of acquisition financing for the purchase of the 75-room Normandy Hotel, located in the upscale Kalorama neighborhood of Washington, D.C. The property was acquired by Blu Kalorama Hotel, L.P. based in Santa Barbara, California
The buyer has a long track record in the acquisition and repositioning of hotel properties and plans to upgrade the hotel and utilize their management expertise to bring hotel operations in line with its Competitive Set. Washington, D.C. is one of the strongest performing lodging markets in the nation.
“We generated a tremendous amount of lender interest due to our client’s experience of demonstrating how a property like the Normandy Hotel is perfectly suited for a repositioning,” said Sonnenblick-Eichner Company Principal Elliot Eichner.
“Our client had a short timeframe to clear contingencies and be at risk with a non-refundable deposit. We were able to bring certainty of execution within a compressed timeframe,” commented Patrick Brown, also a Principal at Sonnenblick-Eichner Company.