Sonnenblick-Eichner Arranges $61.5 mil of First Mortgage Financing for Marriott Monterey Hotel
Monterey, California
LOS ANGELES, CA, September 13, 2006 - Sonnenblick-Eichner Company announced today that it has arranged $61,500,000 in first mortgage financing for the Marriott Monterey Hotel located in downtown Monterey, California. The financing was a 10-year fixed rate loan priced in the low 100 bps range over the 10-year treasury. The loan was interest-only for the entire term with no amortization payments and was provided by a European-based financial institution.
The 10-story, 341-room hotel is located adjacent to the Monterey Conference Center within the heart of the retail district of downtown Monterey. The AAA-rated Four-Diamond hotel contains approximately 16,500 square feet of meeting space, a spa, two restaurants, and subterranean parking for 142 cars. Monterey is home to the Monterey Aquarium and Cannery Row and within close proximity to the world famous Pebble Beach golf links. The Monterey area hosts over 4 million visitors per year and is one of the premier tourist destinations in the country.
Elliot Eichner, principal of Sonnenblick-Eichner Company commented, "This loan was competitively bid by several institutional lenders. The borrower ultimately chose a loan that significantly increased their annual cash flow due to the interest-only structure of the financing."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "Given the strength of the hotel debt capital markets and the hotel's strong historical operating performance, we were able to convince the lender to use projected cash flow instead of the trailing twelve in order to achieve maximum loan proceeds."
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 
