Sonnenblick-Eichner Company Arranges $25,250,000 Financing for the Acquisition of Old No. 77 Hotel & Chandlery, New Orleans, Louisiana
July 20, 2016 9:06am
Beverly Hills, CA - July 20, 2016 – Sonnenblick-Eichner Company has arranged $25,250,000 of first mortgage debt to finance Provenance Hotel Partners’ (“PHP”) acquisition of Old No. 77 Hotel & Chandlery, a historic 167-room, full-service boutique hotel in New Orleans.
PHP was part of the investment group that, in 2014, purchased and successfully rebranded the former Ambassador Hotel at 535 Tchoupitoulas in the city’s Warehouse Arts District, only blocks from the French Quarter. The hotel re-launched as Old No. 77 & Chandlery in June 2015 following an extensive $14 million renovation. The hotel will be managed by Provenance Hotels under a long term Management Agreement.
PHP acquired the equity interest in the property from its partners – GB Lodging and Woodbine Development Corp. Sonnenblick-Eichner Company, a Los Angeles-based real estate investment banking firm, with a particular expertise in raising debt and equity for the acquisition and refinancing of hospitality assets, was able to secure financing to facilitate the acquisition.
“PHP is a longtime client and because of the short fuse, relied on us for certainty of execution,” said Sonnenblick-Eichner’s Principal Elliot Eichner.
“Despite the volatility of the capital markets and the concern about the hospitality market in general, we were able to obtain multiple loan quotes from capital providers,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
PHP, the real estate investment affiliate of Portland, OR-based Provenance Hotels, acquired Old No. 77 & Chandlery through its Provenance Hotel Partners Fund I, a recently launched $525 million real estate investment fund. PHP invests in value add urban lifestyle hotels in the top 25 primary and secondary markets in the continental U.S.
provenance hotel partners,
old no. 77 hotel & chandlery
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-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.
Contact: Bruce Beck
Sonnenblick-Eichner Company Arranges $60,000,000 of Financing for The St. Regis Deer Valley, Park City, Utah
Sonnenblick-Eichner Company Arranges $110,000,000 of First Mortgage Financing for InterContinental San Francisco
Sonnenblick-Eichner Company Arranges $22,000,000 of First Mortgage Financing for Shops at the Pier, on Behalf of Provenance Hotels and Bolour Associates, in Hermosa Beach, California
Sonnenblick-Eichner Company Arranges $35,000,000 of First Mortgage Financing for The Inn at the Market, Seattle, Washington
Sonnenblick-Eichner Company Arranges the Sale of the 153-Room Hampton Inn Southcenter Hotel in Seattle, WA
Sonnenblick-Eichner Company Arranges $16,750,000 of First Mortgage Acquisition Financing for the Normandy Hotel, Washington, D.C.
Sonnenblick-Eichner Company Arranges $92,000,000 of First Mortgage Financing for a Portfolio of Four Hotels Located in Texas, Virginia, Pennsylvania and New York
Sonnenblick-Eichner Company Arranges $65 Million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, CA
Sonnenblick-Eichner Company Arranges $27,000,000 of First Mortgage Financing for Cedarbrook Lodge, SeaTac - Seattle, Washington
Sonnenblick-Eichner Company Arranges $65,200,000 of First Mortgage Financing for the Hyatt House Seattle Redmond, Washington and The Hyatt House Seattle Bellevue, Washington
Sonnenblick-Eichner Arranges $153,150,000 of First Mortgage Financing for Pacifica Hotel Portfolio
Sonnenblick-Eichner Company Arranges $265,000,000 of Financing for the JW Marriott Chicago
Sonnenblick-Eichner Arranges $13,500,000 of First Mortgage Financing for Hotel Mazarin, New Orleans
Sonnenblick-Eichner Arranges $14,700,000 First Mortgage Financing For Sanctuary Beach Resort
Sonnenblick-Eichner Company Arranges $41,100,000 of First Mortgage Financing for Two Properties
Sonnenblick-Eichner Company Arranges $23M Financing for The Surfsand Resort in Cannon Beach, Oregon
Please login or register to post a comment.