BEVERLY HILLS, CA--(Marketwire - January 11, 2011) - Sonnenblick-Eichner Company announced today that it has arranged $48 million of first mortgage financing for a portfolio of four Marriott-branded hotels located in the greater metropolitan area of New Orleans, Louisiana. The portfolio consists of the Courtyard by Marriott, Convention Center; the SpringHill Suites by Marriott, Convention Center; and the Courtyard and Residence Inn by Marriott in Metairie. All four properties are managed by Marriott International. Proceeds from the financing paid off maturing loans that were previously placed by Sonnenblick-Eichner Company in 2001.
The new 5-year loans are LIBOR-based, and non-recourse to the borrower. The loans were financed by an institutional private mortgage fund.
Elliot Eichner, a principal of Sonnenblick-Eichner Company, commented, "The New Orleans market is experiencing a tremendous resurgence, which is demonstrated by the upward trend in the operating numbers at the properties. We were successful in attracting debt capital from a lender who was comfortable with the concentration of four hotels in the market."
Patrick Brown, a principal of Sonnenblick-Eichner Company, further commented, "This loan further demonstrates that debt capital has returned to the hospitality industry, as indicated by our placement in the last 90 days of nearly $150 million of non-recourse, single asset, first mortgage hotel financing."
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:
Colette Schamet
310-286-7700
