Sonnenbick-Eichner Co. Arranges $35.4 M in Financings on Three Hotel Deals

 

BEVERLY HILLS, CA. November 15, 2017 - Sonnenblick-Eichner Company has arranged three separate long-term fixed rate loans totaling $35.4 million for the refinancing of Best Western Plus Hotels located in Lake Tahoe, Sacramento and San Diego, CA.

Representing a long-time Southern California-based developer and operator of hospitality properties, Vista Investments LLC, Sonnenblick-Eichner Company secured $15 million in first mortgage debt on the 100-room Best Western Plus Truckee-Tahoe hotel and a separate non-cross-collateralized $7 million loan on the 105-room Best Western Plus Rancho Cordova in the Sacramento metro area. After acquiring the Tahoe property in 2013, the borrower reflagged the hotel as a Best Western Plus following a two-year multi-million dollar renovation. The Best Western Rancho Cordova has undergone several renovations since being acquired in 2006.

Sonnenblick-Eichner Company also arranged $13.4 million leasehold first mortgage financing on tribal land to refinance the 173-room Best Western Plus Marina Gateway in National City, seven miles south of Downtown San Diego.

“The Marina Gateway transaction was a leasehold financing subject to tribal land ownership. We were successful in navigating through all the nuances to satisfy the rating agencies and ultimately the B-piece buyer,” said Sonnenblick-Eichner Principal Elliot Eichner.

“There is an abundance of capital and interest rates are still attractive for hospitality loans of all brands and product types,” added Sonnenblick-Eichner Principal David Sonnenblick. “The lenders on these 10-year fixed rate loans were attracted by the quality of the assets, location and historical cash flow of all three hotels.”

About Vista Investments LLC

Vista Investments LLC is a fully integrated hotel development and management company that owns, develops, and manages hospitality assets in high-barrier-to-entry markets on the West Coast. Their full suite of services includes hotel development, design, management, and franchising. Their executive leaders have been successful hoteliers and hotel real estate investors since the early 1980s and being a privately held and vertically integrated company, they can pursue unique and exciting opportunities with a high degree of flexibility. They offer “in-house” services for every stage of hotel development projects and therefore can take on a wide variety of project types. Brands for which they own, are developing, and/or manage include Marriott, Hilton and Best Western. To learn more about Vista Investments LLC, please visit their website at www.vistainvestments.com.

About Pacifica Hotels

Pacifica Hotels was formed in January of 1993 to consolidate the hospitality operations of Invest West Financial Corporation, which has been involved in the acquisition, development, refurbishing and operating of quality hotel properties and other commercial real estate properties for almost 30 years. Today, Pacifica Hotels is the largest owner and operator of boutique hotels on the Pacific coast. Pacifica Hotels' 36 independent and flag properties in key California cities from San Diego to San Francisco, as well as Hawaii and Florida, feature outstanding locations, AAA 3 and 4-Diamond ratings, upgraded amenities and high standards of guest service. For complete hotel descriptions and reservations, visit www.pacificahotels.com.

About Sonnenblick-Eichner Company

Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-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.

About

Media contact:

Bruce Beck
T: (805) 777-7971
E: bruce@dbrpr.com

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in June 2018...

Sales & Marketing: Opinions Matter

Hotel Sales and Marketing Directors manage a complex mix of strategies to attract and convert customers into guests. Part of their expertise includes an awareness of customer behavior during the reservation process, so they can make sure their hotel is favorably positioned. One such trend is the growing popularity of travel review sites. According to one recent survey, 61% of prospective customers consult online reviews in order to validate information about the hotel before making a purchasing decision. Another survey found that the average hotel customer reads between 6-12 reviews across 4-10 properties before making a final decision on where to stay. Similarly, other studies have shown that consumer reviews are a more trusted source of information for prospective customers than other kinds of marketing messaging. In fact, reviews are often considered to be as influential as price regarding whether a customer decides to complete a purchase or not. Plus, travel sites with the most reviews - including recent reviews from satisfied customers and thoughtful responses from staff - were also found to be the most appealing. So having positive reviews on a travel website is essential and can help to increase a hotel's conversion rates dramatically. Of course, there are all kinds of additional marketing strategies for sales and marketing directors to consider - the importance of video and the emergence of live streaming; the implementation of voice search; the proliferation of travel bots; and the development of Instagram as an e-commerce platform. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.