Sonnenblick-Goldman Company Arranges Financing for Hotel in California
Cypress Hotel Gets $24.5 Million in First-Mortgage Financing
NEW YORK, NY, June 14, 2005. Sonnenblick-Goldman Company, serving as the exclusive financial advisor to Cupertino Hotel Associates, LP, has arranged a non-recourse $24.5 million floating rate first-mortgage financing for the Cypress Hotel located in Cupertino, California, provided by Wachovia Bank, N.A.
The boutique 224-room Cypress Hotel features business-friendly guestrooms, expansive meeting facilities, 24-hour fitness room and 186-seat Park Place Restaurant. The hotel is located in the heart of Silicon Valley, close to many of the nation's leading technology companies, shopping and fine dining.
"Given the excellent physical product and strength of Kimpton Hotel and Restaurant Group, LLC, management, lenders responded with a financing package that exceeded expectations," commented Holden Lim, vice president of Sonnenblick-Goldman's San Francisco office.
"Although the Bay Area was affected significantly by the technology slump earlier in the decade, the Cypress Hotel, like most Kimpton managed properties, has developed a loyal and stable following recognized by the capital markets," said Rob Stiles, managing director and partner of Sonnenblick-Goldman's San Francisco office.
The Cypress Hotel opened in July 2002. The hotel is owned by Cupertino Hotel Associates, LP, a single purpose entity, and managed by Kimpton Hotel and Restaurant Group, LLC.
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