Sonnenblick-Eichner Company Arranges $60 Mil Hotel Portfolio Financing
LOS ANGELES, CA, May 27, 2008. Sonnenblick-Eichner Company announced today that it has arranged $60,000,000 of first mortgage financing for a portfolio of seven hotels located in Florida, Tennessee, and North Carolina on behalf of Cooper Hotels. The portfolio is comprised of the Crowne Plaza Fort Myers, Florida; Doubletree Memphis, Doubletree Murfreesboro, Doubletree Jackson, Doubletree Oak Ridge, and Doubletree Johnson City, all located in Tennessee; and the Homewood Suites Charlotte, North Carolina.
The 5-year, interest-only facility was priced at 250 bps. over LIBOR and was provided by a money center commercial bank with no syndication requirements.
All the properties benefit from excellent locations within their respective markets and have recently received significant renovations resulting in substantial increases in ADR, Occupancy, and RevPAR performance. Several of the Doubletree hotels are the only full-service hotels with meeting space and food and beverage operations in their markets.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, "Despite the turmoil and volatility in the capital markets, we were successful in securing financing for this transaction from one lender with no syndication requirement at closing. We believe that this transaction represents one of the only hospitality portfolio financings to close in the first half of 2008. "
Aaron Lerner, a Vice President with Sonnenblick-Eichner Company, added, "The borrower was able to recapture significant equity in this portfolio while also reducing debt service. This financing clearly demonstrates that a transaction with institutional quality sponsorship, consistent earnings history, and a focused business plan is still financeable in the marketplace today. "
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:
Colette Schamet
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