Sonnenblick-Eichner Company Arranges $67 mil of First Mortgage Financing for Charleston Place, Charl
LOS ANGELES, CA, March 14, 2006. Sonnenblick-Eichner Company announced today that it has arranged $67,000,000 of first mortgage financing for Charleston Place, Charleston, South Carolina at a sub 100 basis point spread over LIBOR.
Charleston Place is a premier, 442-room luxury hotel along with 57,000 square feet of high end, boutique retail space situated in the heart of the historical Peninsula District of Charleston, South Carolina. Amenities at the hotel include approximately 35,855 square feet of meeting and banquet facilities; two full-service restaurants, including the award winning Charleston Grill; and a 20,000 square foot state-of-the-art spa and fitness facility. Retailers at the property include Gucci, Montblanc, LaCoste, and Benetton. Charleston Place has been awarded the "Four-Star" rating by the Mobil Travel Guide and the "Four-Diamond" rating by the American Automobile Association (AAA).
Charleston Place, owned and operated by affiliates of Orient-Express Hotels Ltd. (NYSE:OEH), has a unique collection of some of the world's finest hotel properties, catering to the elite traveler.
Elliot K. Eichner, Principal of Sonnenblick-Eichner Company commented, "Charleston Place is recognized as one of the top hotels in the United States. That, coupled with the excellent sponsorship of Orient-Express Hotels, resulted in pricing significantly less than 100 basis points over LIBOR with no amortization during the 5-year term of the loan."
Patrick Brown, also a principal, added, "This was a highly structured transaction due to several layers of existing debt that were required to remain in place."
The LIBOR-based financing replaces a loan previously arranged by Sonnenblick-Eichner Company.
About Orient-Express Hotels Ltd.
Orient-Express Hotels Ltd., www.orient-express.com (NYSE:OEH) is a hotel and leisure group focused on the luxury end of the leisure travel market. Orient-Express Hotels currently owns and operates 49 deluxe hotels, restaurants, tourist trains and river cruise ship in 15 countries. Orient-Express acquires distinctive properties in areas of outstanding cultural, historic or recreational interest in order to provide luxury lifestyle experiences for the elite traveler.
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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