hotel finance
Sonnenblick-Eichner Company Advises on $35 Million of Interim Leasehold First Mortgage Financing for Moxy Oakland Downtown, Oakland, California
Sonnenblick-Eichner Company | June 14, 2022
Beverly Hills, CA, (June 14, 2022) -- Sonnenblick-Eichner Company announced today that it was the exclusive advisor to the Borrower for the placement of $35 million of first mortgage interim financing for the leasehold interest in the Moxy Oakland Downtown, a 172-room hotel located in the Uptown Arts and Entertainment District of Oakland, California. The hotel opened in March of 2021. Proceeds from this non-recourse financing were used to retire the construction loan and provide fresh capital to advance the hotel towards stabilization. The property was developed by Tidewater Capital and Graves Hospitality and is managed by Graves Hospitali...
Hospitality Financial Leadership: The First Fifty
David Lund | June 13, 2022
By David Lund As I write this piece, I am proud to say I am 58 years young. So far, my life has been great. Many challenges to overcome like anyone and many bumps in the road for sure. Someone once said that success is simply going from one disaster to the next and the trick with that is no stopping to lament on the carnage left behind. That might be a little tongue and cheek, but you get the point. Things happen to us all and our ability to move on and keep going without the permanent thoughts about what happened and why, I believe is the key to my life. That does not mean I do not learn from my mistakes, but it does mean I go easy on ...
Hospitality Financial Leadership: The Bridge
David Lund | May 16, 2022
By David Lund In our lives we are continuously evolving as people. When thought of most of the time, this evolution seems like a continuous stream of challenges to overcome. This persistent development is both personal and professional. The bridge is what I refer to when I think of my advancement in the hotel profession from a 20-something leader who knew nothing about the financial goings on in the hotel to a 30-something controller who was on fire. This is all about what it takes to cross that financial bridge and what it looks and feels like once you are on the other side. I have said this is my articles many times: The hotel bus...
Sonnenblick-Eichner Company Arranges $50,000,000 of First Mortgage Financing for the Cliffs Hotel & Spa, Pismo Beach, California
Sonnenblick-Eichner Company | May 11, 2022
Beverly Hills, CA – May 11, 2022 – Sonnenblick-Eichner Company has arranged $50 million of long term fixed rate first mortgage financing for the Cliffs Hotel & Spa, a 162-room, full-service, luxury boutique hotel located on a bluff overlooking the Pacific Ocean in Pismo Beach, California. The non-recourse loan was funded by an investment bank and priced at 4.8 percent with interest-only payments for the entire term of the loan. Proceeds from the loan provided for a return of equity to the Borrower in order to purchase a partnership interest. Located along California’s central coast, the Cliffs Hotel & Spa features direct...
Hospitality Financial Leadership: What Is the Only Thing We Know for Sure About the Hotel Budget?
David Lund | April 25, 2022
By David Lund The budget is a BIG deal. Heck, it consumes so much time and energy in the hotel. Getting it right is a critical element to any branded, managed hotel. If you are reading this and you do not prepare an annual budget, you are probably scratching your head and wondering what I am talking about. Read all about how to prepare a budget right here. In your average hotel, the budget process is a two- to three-month deal. It means, or it should mean, each key manager is implicated in doing their part by preparing and negotiating the payroll and expenses for the department they manage. The annual gut-wrenching process we call...
Spirides Provides $7 Million in Loans to Refinance Debt & Renovate Two Hotels in Sylva, NC
Spirides Hotel Finance Company | March 29, 2022
TAMPA, FLORIDA—Spirides Hotel Finance Company has successfully provided and the borrower has officially closed $7 million in loans to refinance the existing mortgage debt and fund renovations to the Holiday Inn Express and Clarion Pointe hotels in Sylva, North Carolina. The 67-room Holiday Inn Express Sylva, NC is located at 26 Rufus Robinson Road. Its ownership retained the services of Spirides Hotel Finance Company to provide them with a new conventional mortgage which has a much lower fixed rate of interest than that of their previous mortgage as well as additional funds to perform a comprehensive Holiday Inn Express “Formula Blue...
Sonnenblick-Eichner Company Arranges $39 Million Interim Leasehold First Mortgage Financing for Moxy Portland Downtown Hotel in Portland, OR
Sonnenblick-Eichner Company | January 13, 2022
Beverly Hills, CA - January 13, 2022 - Sonnenblick-Eichner Company has arranged $39 million of non-recourse interim leasehold first mortgage financing for Moxy Portland Downtown, a 197-room hotel located in the West End District of downtown Portland, OR. The hotel opened in March 2021 and consequently has limited operating history. Proceeds from this financing were used to pay off the construction loan, provide funds for an interest reserve as well as closing costs and fees. The five-year LIBOR-based floating rate loan was sized to approximately 76% of total project costs. The property was developed and is managed by Graves Hospitality...
Finance, Technology and Service Will Dominate
Bob Rauch | January 12, 2022
By Bob Rauch Interest rates are low, consumer confidence is stronger, oil prices are high and employment is very uneven. The Purchasing Managers Index (PMI) is at 58.7 in December 2021, down from 60 in November and 61 in October. Any number over 50 shows that the economy is expanding so the PMI is good news. Threats from COVID-19 variant Omicron should peak this month. Perhaps the biggest threat is inflation as that is starting to impact the middle class as well as the poor. The silver lining is that this inflation might cause hotel room rates to grow beyond the 6% inflation rate. Hotel Finances During most recessions, there is a signi...
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