Sonnenblick-Eichner Completes $40 mil Sale
Coast Santa Cruz Hotel in Santa Cruz, CA
LOS ANGELES, CA, September 5, 2006. Sonnenblick-Eichner Company announced today that it has arranged the sale of the Coast Santa Cruz Hotel located in the coastal city of Santa Cruz, California.
The Coast Santa Cruz Hotel is a 10-story, 163-room AAA-rated, Three-Diamond hotel located directly on the beach. All of the rooms have balconies and face the Monterey Bay and the Pacific Ocean. The hotel is the premier full service hotel in Santa Cruz and is located next to the Santa Cruz Municipal Wharf and Santa Cruz Boardwalk, and a short drive to University of California Santa Cruz.
The hotel was acquired for $40,000,000 by a joint venture comprised of Ensemble Investments and AEW Capital Management, L.P. Northwest Hospitality Group, an affiliate of the seller, will continue to manage the property, while Vancouver, Canada-based Coast Hotels and Resorts will retain its franchise.
Elliot Eichner, principal of Sonnenblick-Eichner Company commented, "The sale of the hotel represents one of only a handful of properties that is truly located directly on the beach in California. The purchaser recognized the upside in renovating the hotel given the significant barriers to entry, particularly for a California beachfront location."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "We had significant investor interest in this oceanfront fee simple asset; however, our ability to maximize proceeds while allowing the seller to retain management of the asset ultimately resulted in the best execution for our client."
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