Sonnenblick-Eichner Company Arranges $35,400,000 in Financing Secured by Three Best Western Hotels in California
BEVERLY HILLS, Calif., Nov. 14, 2017 (GLOBE NEWSWIRE) --
Sonnenblick-Eichner Company has arranged three separate
long-term fixed rate loans totaling $35.4 million for the
refinancing of Best Western Plus Hotels located in Lake
Tahoe, Sacramento and San Diego, California.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3295742e-dd3c-416c-93d0-1fe2da05df7e
Representing a long-time Southern California-based developer and operator of hospitality properties, Vista Investments LLC, Sonnenblick-Eichner Company secured $15 million in first mortgage debt on the 100-room Best Western Plus Truckee-Tahoe hotel and a separate non-cross-collateralized $7 million loan on the 105-room Best Western Plus Rancho Cordova in the Sacramento metro area. After acquiring the Tahoe property in 2013, the borrower reflagged the hotel as a Best Western Plus following a two-year multi-million dollar renovation. The Best Western Rancho Cordova has undergone several renovations since being acquired in 2006.
Sonnenblick-Eichner Company also arranged $13.4 million leasehold first mortgage financing on tribal land to refinance the 173-room Best Western Plus Marina Gateway in National City, seven miles south of Downtown San Diego.
“There is an abundance of capital and interest rates are still attractive for hospitality loans of all brands and product types,” said Sonnenblick-Eichner Principal David Sonnenblick. “The lenders on these 10-year fixed rate loans were attracted by the quality of the assets, location and historical cash flow of all three hotels.”
“The Marina Gateway transaction was a leasehold financing subject to tribal land ownership. We were successful in navigating through all the nuances to satisfy the rating agencies and ultimately the B-piece buyer,” added Principal Elliot Eichner.
About Vista Investments LLC
Vista Investments LLC is a fully integrated hotel development and management company that owns, develops, and manages hospitality assets in high-barrier-to-entry markets on the West Coast. Their full suite of services includes hotel development, design, management, and franchising. Their executive leaders have been successful hoteliers and hotel real estate investors since the early 1980s and being a privately held and vertically integrated company, they can pursue unique and exciting opportunities with a high degree of flexibility. They offer “in-house” services for every stage of hotel development projects and therefore can take on a wide variety of project types. Brands for which they own, are developing, and/or manage include Marriott, Hilton and Best Western. To learn more about Vista Investments LLC, please visit their website at www.vistainvestments.com.
About Pacifica Hotels
Pacifica Hotels was formed in January of 1993 to consolidate the hospitality operations of Invest West Financial Corporation, which has been involved in the acquisition, development, refurbishing and operating of quality hotel properties and other commercial real estate properties for almost 30 years. Today, Pacifica Hotels is the largest owner and operator of boutique hotels on the Pacific coast. Pacifica Hotels’ 36 independent and flag properties in key California cities from San Diego to San Francisco, as well as Hawaii and Florida, feature outstanding locations, AAA 3 and 4-Diamond ratings, upgraded amenities and high standards of guest service. For complete hotel descriptions and reservations, visit www.pacificahotels.com.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-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.
Media Contact: Bruce
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
- Carmanah Announces Results of Annual General Meeting
- China's Co-Working Giant Ucommune to Eye More Locations in Singapore
- Greenbrier announces webcast and conference call of quarterly financial results
- Sage Gold Provides Bi-Weekly MCTO Status Report
- TBWA\Worldwide Wins Big At 2018 Cannes Lions International Festival Of Creativity
- Freshii Inc. Announces Voting Results for Directors and Auditors at Annual Meeting of Shareholders