Sonnenblick-Eichner Company Arranges $50 Million Loan for Provenance Hotels to Refinance Hotel Theodore in Seattle, WA

USA, Beverly Hills, California. July 26, 2018

Sonnenblick-Eichner Company has arranged $50 million of interim first mortgage financing to refinance Hotel Theodore, a 20-story, 153-room, full-service, luxury boutique hotel located at the corner of 7th Avenue and Pine Street, in the heart of downtown Seattle, Washington, one block west of the Washington State Convention Center.

The floating-rate loan was sized to a debt yield of less than 6% and priced over LIBOR at a spread in the mid-300s. Loan proceeds are being used to refinance the existing acquisition and renovation loan as well as provide a return of equity to the borrower, Portland, OR-based Provenance Hotels.

In November of 2017, Provenance completed an extensive $32 million renovation that included updating the guestrooms, bathrooms, meeting rooms, public spaces, and a build-out of the ground floor restaurant space. Amenities include Rider, an upscale restaurant and bar, a coffee shop, approximately 4,172 square feet of state-of-the-art meeting space and a fitness center.

"Given the excellent sponsorship and location, and that Seattle is one of the fastest growing and most dynamic gateway cities in the U.S., we had 14 competitive loan quotes from institutional lenders," said Sonnenblick-Eichner Company Principal Elliot Eichner. "The loan refinances an existing financing that was also arranged by Sonnenblick-Eichner Company," added Sonnenblick-Eichner Principal Patrick Brown.


Tags: Sonnenblick, sonnenblick-eichner, Provenance, finance, real estate, hotel, hotels, CRE, mortgage, loan, lending, Seattle, debt

About Sonnenblick-Eichner Company

About Provenance Hotels

Media Contact:

Bruce Beck
President
DB&R
T: 805-777-7971
E: [email protected]
W: http://www.dbrpr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in November 2021...

Architecture & Design: Wellness is Key


Like every other facet of hotel operations, architecture and design firms are adapting their work to ensure the safety and well-being of both guests and staff. New ways to bring Wellness into hotel spaces are being explored and these solutions are taking on many forms. Hotel designs are incorporating more open floor plans, open air spaces, high ceilings, outdoor areas and operable walls into their spaces. Guests no longer want to be packed into tight areas. More "biophilic" elements are also being incorporated, offering guests the sense of being outdoors. Another trend is the reimagining of guest rooms to support remote work capabilities. Some hotels are converting empty guest rooms into office spaces, complete with effective lighting and suitable backgrounds for video conferencing. Dedicated Zoom Rooms are also becoming increasingly popular. The main goal is to provide guests with a positive experience in a space that feels safe and comfortable. These are some of the architecture and design subjects that will be covered in the November issue of the Hotel Business Review.