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: bruce@dbrpr.com
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 August 2020...

Food & Beverage: New Technological Innovations

In the past few years, hotel food and beverage departments have experienced significant growth. Managers are realizing just how much revenue potential this sector holds, both in terms of additional revenue and as a means to enhance the guest experience. As a result, substantial investments are being made in F&B operations as a way to satisfy hotel guests but also to keep pace with the competition. Though it has been a trend for many years, the Farm-to-Table movement shows no signs of abating. Hotel chains are abandoning corporate restaurants and are instead partnering with local chefs to create locally-influenced dining options. Local, farm-sourced ingredients paired with specialty beverages or local wine also satisfies the increasing demand from Millennial travelers who are eager to travel sustainably and contribute to a positive impact. A farm-to-table F&B program also helps to support the local economy, which builds community goodwill. Also popular are "Self-Serv" and "Grab & Go" options. These concepts stem from an awareness that a guest's time is limited and if a hotel can supply them with fast, fresh, food and beverage choices, then so much the better for them. Plus, by placing these specialty kiosks in areas that might be traditionally under-utilized (the lobby, for instance), they can become popular destination locations. Of course, there are new technological innovations as well. In-room, on-screen menus allow guests to order from any restaurant on the property, and some hotels are partnering with delivery companies that make it possible for guests to order food from any restaurant in the area. Also, many hotels are implementing in-room, voice-activated devices, so ordering food via an AI-powered assistant will soon become mainstream as well. The August issue of the Hotel Business Review will report on these developments and document what some leading hotels are doing to expand this area of their business.