Sonnenblick-Eichner Company Arranges $49,000,000 of First Mortgage Financing for Three Hotels in the Pacific Northwest

LOS ANGELES, CA--(Marketwire - June 26, 2007) - Sonnenblick-Eichner Company announced today that it has arranged $49 million of first mortgage financing for three separately owned hotels located in the Pacific Northwest cities of Portland and Seaside, Oregon and Seattle, Washington.

The company arranged a $20 million, 10-year fixed rate loan for the Best Western Ocean View Resort, a 5-story 107-room full service hotel located on the beach in Seaside, Oregon. The AAA Three-Diamond hotel includes 6,100 square feet of meeting and banquet facilities, a restaurant and bar, and a heated indoor swimming pool.

The Hotel Bridgetown, formerly the Days Inn hotel located in the Portland CBD, is a 5-story, 174-room hotel and will be one of downtown Portland's newest independent full service boutique hotels. The company arranged a $17 million acquisition and renovation loan which provides the borrower funds to complete an extensive $6 million renovation. The 5-year LIBOR-based floating rate facility is non-recourse.

Sonnenblick-Eichner Company also arranged a 10-year fixed rate loan for the 154-room Hampton Inn Southcenter located in Seattle, Washington, refinancing a maturing loan previously arranged by the company. The $12 million loan is for a term of 10 years and the payments are interest only for the entire term. The hotel is located in close proximity to Sea-Tac International Airport.

Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "These transactions are indicative of our experience in hotel financing throughout the Pacific Northwest. Including these transactions, we have completed $390 million in financing for 19 different independent and branded hotel assets over the past 18 months in the region."

Aaron Lerner, a Vice-President of Sonnenblick-Eichner Company, added, "We were successful in working through several new underwriting challenges resulting from the recent shifts in the capital markets in addition to the rapid run-up in long term interest rates. By leveraging our company's relationships with capital providers, we were able to successfully close these loans on behalf of our clients."

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.

Contact Information: Media Contact: Debi Fidler 310-286-7700