Sonnenblick-Eichner Company Arranges $41.5 mil of First Mortgage Financing for the Maui Coast Hotel
LOS ANGELES, CA, June 27, 2006. Sonnenblick-Eichner Company announced today that it has arranged $41,500,000 in first mortgage financing for the fee simple interest in Maui Coast Hotel in Maui, Hawaii. The 10-year fixed rate financing was provided by a European based financial institution. The financing replaces a $22 million, 10-year fixed rate loan which Sonnenblick-Eichner Company arranged in December 2003.
The 6-story, 265-room Maui Coast Hotel is located in the coastal community of Kihei, just minutes from Maui's prestigious resort and residential area of Wailea, and approximately 11 miles from Kahalui International Airport. Completed in 1993, the hotel is consistently the market leader among its competitive set. The Maui Coast Hotel is the only full service hotel in the Kihei market and has been awarded the American Automobile Association (AAA) "Three-Diamond" designation. The property is franchised by Vancouver, Canada-based Coast Hotels and Resorts, one of the largest regional hotel chains in Western North America. The property is managed by Paramount Hotels, LLC.
Elliot K. Eichner, principal of Sonnenblick-Eichner Company commented, "With the compression of spreads coupled with a period of interest only payments and 30-year amortization, the borrower was able to realize significant equity through this refinancing."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "Since the refinancing was structured within the 2-year lock-out period required on securitized transactions, we arranged a forward rate-lock enabling the borrower to capture a lower interest rate before the run-up in treasury rates."
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: Debi Fidler
310-286-7700
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
