Sonnenblick-Eichner Company Arranges $44 Million in Financing for National Hotel Portfolio
LOS ANGELES, CA, January 17, 2006. Sonnenblick-Eichner Company announced today that they have arranged $44,000,000 of first mortgage financing for three full service hotels located in Arizona, Florida and Illinois on behalf of a New Orleans-based hospitality investment company.
The hotels include: the 209-room Embassy Suites in Schaumburg, Illinois; the 237-room Hilton-Rialto Hotel in Melbourne, Florida; and the 314-room Embassy Suites hotel located in Phoenix, Arizona. The properties was separately financed with the Phoenix Embassy Suites and the Hilton-Rialto Hotel securing 10-year loans with a 30-year amortization and the Schaumburg Embassy Suites property being secured by a five-year loan.
"The borrower was able to realize pent-up equity in each of the properties through a debt financing at interest rates in the low 5 percent range", said Elliot Eichner, principal with Sonnenblick-Eichner Company.
Patrick Brown, also a principal with Sonnenblick-Eichner Company added, "The lender was very flexible in allowing the borrower sole management responsibility to complete renovations and PIP requirements post-closing."
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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
