Sonnenblick-Eichner Arranges $23M Financing for Memphis Westin
MEMPHIS, TN, January 10, 2006. Sonnenblick-Eichner Co. has arranged $23 million of unsubordinated leasehold construction financing for the 203-room Westin Beale St. Hotel here.
The Westin Beale St. is expected to be the only branded four-star hotel in the market when it is completed in early 2007. The Westin hotel will be developed and managed by Nashville-TN-based based Senate Hospitality Group and is designed by Hnedak Bobo Group, a Memphis- based architecture firm.
The $40 million hotel is part of $2.5 billion in new investment that developers and the government are making in downtown Memphis.
Located across the street from the Westin Beale St. hotel is the $250 million FedEx Forum, home to the NBA's Memphis Grizzlies. The Beale St. Entertainment District reportedly generates four million visitors annually. In addition, the Memphis Cook Convention Center hosts 524,000 visitors annually and recently completed a $92 million expansion.
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