Sonnenblick-Eichner Arranges $65mil for Sheraton Park Hotel at the Anaheim Resort
First Mortgage Leasehold Financing
LOS ANGELES, CA, June 19, 2007.Sonnenblick-Eichner Company announced today that it has arranged a $65 million first mortgage for the leasehold interest in The Sheraton Park Hotel at the Anaheim Resort located in Anaheim, California.
The Sheraton Park Hotel at the Anaheim Resort is a 490-room, 13-story, full-service hotel located on Convention Way, one block south of the world famous Disneyland Theme Park and one block east of the 1.6 million square-foot Anaheim Convention Center. The property recently completed a $30 million renovation and was re-branded as a Sheraton hotel.
Sonnenblick-Eichner Company arranged a 10-year fixed rate leasehold mortgage from a Wall Street investment bank. The loan payments are interest only for the entire 10-year term.
The property, encumbered by a long-term unsubordinated ground lease with the city of Anaheim, includes a club lounge floor; 24,000 square feet of state-of-the-art meeting and banquet facilities; a restaurant and lounge; executive business center and a freestanding Morton's Steakhouse restaurant. The Sheraton Park Hotel at the Anaheim Resort is the newest AAA 3-Diamond full-service hotel in Anaheim.
Elliot Eichner, a principal of Sonnenblick-Eichner Company commented, "This is the fourth financing that we arranged for this asset. This loan refinances a $54 million renovation loan which we placed in 2006. What is significant about this transaction is that we were able to maintain a 10-year interest only structure in today's volatile capital markets environment even though the hotel had only 8 months of operating history as a Sheraton."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "Given the excellent sponsorship and first class renovation, the financing attracted multiple quotes from institutional lenders."
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.
Media Contact: Debi Fidler
Telephone: 310-286-7700
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 
