Sonnenblick-Eichner Arranges $54 mil Leasehold Renovation Financing for Sheraton Park Hotel , Anahei
LOS ANGELES, CA, February 7, 2006. Sonnenblick-Eichner Company announced today that it has arranged $54 million in unsubordinated leasehold renovation and mini-perm financing for The Sheraton Park Hotel at the Anaheim Resort located in Anaheim, California.
Previously operated as the 500-room Coast Anaheim Hotel, The Sheraton Park Hotel at the Anaheim Resort is a 490-room, 13-story, full-service hotel undergoing a complete renovation, and is being repositioned and re-branded as a Sheraton hotel, which will benefit from its affiliation with Starwood Hotels & Resorts Worldwide (NYSE: HOT).
The property, encumbered by a long-term unsubordinated ground lease with the city of Anaheim, is being renovated at a cost of approximately $60,000 per room, which will include fully renovated guestrooms; a club lounge floor; 24,000 square feet of state-of-the-art meeting and banquet facilities; new restaurant and lounge; upgraded lobby and main entrance; new porte coch`ere exterior; street-side landscaping; executive business center and a freestanding Morton's Steakhouse restaurant. Upon completion in early 2006, the Sheraton Park Hotel at the Anaheim Resort will be the newest AAA 3-Diamond full-service hotel in Anaheim.
Elliot Eichner, a principal of Sonnenblick-Eichner Company commented, "This loan refinances a previous renovation loan which we placed early last year. We were able to substantially lower the cost of capital as well as generate significant additional proceeds since the prior financing even though the hotel is still under construction and has not yet opened. The loan is non-recourse."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "The costs associated with refinancing the property within such a short time-frame were more than offset by the savings."
The hotel will benefit from its location, one block north of the world-famous Disneyland Theme Park, Downtown Disney, and the completed $1.4 billion California Adventure Theme Park. The hotel is also one block from the recently renovated and expanded 1.6 million square-foot Anaheim Convention Center.
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.
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