Sonnenblick-Eichner Company Arranges $135.780,000 of Financing for a Portfolio of Cooper Hotels

BEVERLY HILLS, CA. October 2, 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 Worldwide.

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.

Source: Sonnenblick-Eichner Company

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

Related News

Coming up in February 2018...

Social Media: Engagement is Key

There are currently 2.3 billion active users of social media networks and savvy hotel operators have incorporated social media into their marketing mix. There are a few Goliath channels on which one must have a presence (Facebook & Twitter) but there are also several newer upstart channels (Instagram, Snapchat &WeChat, for example) that merit consideration. With its 1.86 billion users, Facebook is a dominant platform where operators can drive brand awareness, facilitate bookings, offer incentives and collect sought-after reviews. Twitter's 284 million users generate 500 million tweets per day, and operators can use its platform for lead generation, building loyalty, and guest interaction. Instagram was originally a small photo-sharing site but it has blown up into a massive photo and video channel. The site can be used to post photos of the hotel property, as well as creating Instagram Stories - personal videos that disappear from the channel after 24 hours. In this regard, Instagram and Snapchat are now in direct competition. WeChat is a Chinese company whose aim is to be the App for Everything - instant messaging, social media, shopping and payment services - all in a single platform. In addition to these channels, blogging continues to be a popular method to establish leadership, enhance reputations, and engage with customers in a direct and personal way. The key to effective use of all social media is to find out where your customers are and then, to the fullest extent possible, engage with them on a personal level. This engagement is what creates a personal connection and sustains brand loyalty. The February Hotel Business Review will explore these issues and examine how some hotels are successfully integrating social media into their operations.