Sonnenblick-Eichner Company Arranges $135, 780, 000 of Financing for a Portfolio of Cooper Hotels

BEVERLY HILLS, CA. September 20, 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.”

About Sonnenblick-Eichner Company

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.

About Cooper Hotels

Cooper Hotels is a privately owned hotel development and management company based in Memphis, Tennessee. Its portfolio includes 20 hotels in five states. The company operates primarily Hilton and InterContinental Hotels Group brand properties. For more information on Cooper Hotels, visit cooperhotels.com.

Contact:
Colette Schamet
cschamet@sonneich.com
(310) 286-7700 x 108

Related News

Coming up in January 2018...

Mobile Technology: Relentless Innovation

Technology has become a crucial component in attracting and retaining hotel guests, and the need to enhance a guest’s technology experience is driving a relentless pace of innovation. To meet and exceed guest expectations, 54% of hotels will spend more on technology in 2018, and mobile solutions in particular will top the list of capital investments. Many hotels are integrating mobile booking, mobile keys, mobile payments and mobile check-in into their operations. Other hotels are emphasizing the in-room experience, boosting bandwidth and upgrading flat screen TVs to more easily interface with guest mobile devices. And though not yet mainstream, there are many exciting technology developments on the near horizon. The Internet of Things (loT) is taking form in some places, and can be found in guest room control systems, voice activation systems, and in wearable sensors that can be used for access and payment options. Virtual reality headsets are available at some hotels so guests can enjoy virtual trips to exotic locations or if off-property, preview conference facilities and guest rooms. How long will it be before a hotel employs a fleet of robots for room service, or utilizes a hologram as a concierge, or installs gesture-controlled walls that feature interactive digital displays? Some hotels are already using augmented reality for translation services, or interactive wall maps, or even virtual décor. This pace of innovation is challenging property owners and brands to stay on top of the latest technology trends while still addressing current projects. The January Hotel Business Review will explore what some hotels are doing to maximize their opportunities in the mobile technology space.