Contact Information: Media Contact: Colette Schamet 310-286-7700
Sonnenblick-Eichner Company Arranges $60 Million Hotel Portfolio Financing
| Source: Sonnenblick-Eichner Company
LOS ANGELES, CA--(Marketwire - May 28, 2008) - Sonnenblick-Eichner Company announced today
that it has arranged $60,000,000 of first mortgage financing for a
portfolio of seven hotels located in Florida, Tennessee, and North Carolina
on behalf of Cooper Hotels. The portfolio is comprised of the Crowne Plaza
Fort Myers, Florida; Doubletree Memphis, Doubletree Murfreesboro,
Doubletree Jackson, Doubletree Oak Ridge, and Doubletree Johnson City, all
located in Tennessee; and the Homewood Suites Charlotte, North Carolina.
The 5-year, interest-only facility was priced at 250 bps. over LIBOR and
was provided by a money center commercial bank with no syndication
requirements.
All the properties benefit from excellent locations within their respective
markets and have recently received significant renovations resulting in
substantial increases in ADR, Occupancy, and RevPAR performance. Several
of the Doubletree hotels are the only full-service hotels with meeting
space and food and beverage operations in their markets.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented,
"Despite the turmoil and volatility in the capital markets, we were
successful in securing financing for this transaction from one lender with
no syndication requirement at closing. We believe that this transaction
represents one of the only hospitality portfolio financings to close in the
first half of 2008."
Aaron Lerner, a Vice President with Sonnenblick-Eichner Company, added,
"The borrower was able to recapture significant equity in this portfolio
while also reducing debt service. This financing clearly demonstrates that
a transaction with institutional quality sponsorship, consistent earnings
history, and a focused business plan is still financeable in the
marketplace today."
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.
