Sonnenblick-Eichner Company Arranges $50 Million Loan for Provenance Hotels to Refinance Hotel Theodore in Seattle, WA

USA, Beverly Hills, California. July 26, 2018

Sonnenblick-Eichner Company has arranged $50 million of interim first mortgage financing to refinance Hotel Theodore, a 20-story, 153-room, full-service, luxury boutique hotel located at the corner of 7th Avenue and Pine Street, in the heart of downtown Seattle, Washington, one block west of the Washington State Convention Center.

The floating-rate loan was sized to a debt yield of less than 6% and priced over LIBOR at a spread in the mid-300s. Loan proceeds are being used to refinance the existing acquisition and renovation loan as well as provide a return of equity to the borrower, Portland, OR-based Provenance Hotels.

In November of 2017, Provenance completed an extensive $32 million renovation that included updating the guestrooms, bathrooms, meeting rooms, public spaces, and a build-out of the ground floor restaurant space. Amenities include Rider, an upscale restaurant and bar, a coffee shop, approximately 4,172 square feet of state-of-the-art meeting space and a fitness center.

"Given the excellent sponsorship and location, and that Seattle is one of the fastest growing and most dynamic gateway cities in the U.S., we had 14 competitive loan quotes from institutional lenders," said Sonnenblick-Eichner Company Principal Elliot Eichner. "The loan refinances an existing financing that was also arranged by Sonnenblick-Eichner Company," added Sonnenblick-Eichner Principal Patrick Brown.


Tags: Sonnenblick, sonnenblick-eichner, Provenance, finance, real estate, hotel, hotels, CRE, mortgage, loan, lending, Seattle, debt

About Sonnenblick-Eichner Company

About Provenance Hotels

Media Contact:

Bruce Beck
President
DB&R
T: 805-777-7971
E: bruce@dbrpr.com
W: http://www.dbrpr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in May 2020...

Eco-Friendly Practices: Creative Innovation

Being eco-friendly is no longer a fad. It is an urgent planetary need and hotels are actively doing their part to reduce their carbon footprint by implementing sustainable, green practices. In addition to the goodwill derived from doing the right thing, hotels are also realizing the benefits to their business. A large percentage of Millennials expect hotels to be eco-friendly and will only patronize those properties that are proudly conforming. Consequently, more hotels are realizing that sustainability is a key element in a successful branding strategy. In addition, going green can lead to a more profitable bottom line, as savings on electricity, water and cleaning materials can add up. Also, there are other advantages that come with being an eco-friendly business, such as government subsidies and tax and loan incentives. As a result, many hotels are finding innovative ways to integrate eco-friendly practices into their business. Geo-thermal energy systems, along with energy-from-waste systems, are being used to heat and cool the property. Passive solar panels, green roofs, natural lighting and natural ventilation strategies also assist in energy conservation. Low-flow water systems and plumbing fixtures make a contribution, as does eco-friendly hardwood flooring, and energy efficient televisions and appliances throughout the property. In addition, some hotels have implemented in-room recycling programs, and only provide all-natural, personal care items. One hotel has actually constructed a bee-keeping operation on their grounds. Not only is this good for the bees but the hotel also produces products from the operation which they sell. This kind of creative innovation also holds enormous appeal to guests. The May issue of the Hotel Business Review will document what some hotels are doing to integrate sustainable practices into their operations and how they are benefiting from them.