Hotel Online  Special Report


Sonnenblick-Eichner Company Arranges $22 Million
of Permanent Financing for the Maui Coast Hotel,
Maui, Hawaii
.
Los Angeles, California, December 2003  - Sonnenblick-Eichner Company announced today that it has arranged $22,000,000 in long-term,  fixed-rate first mortgage financing for the 265-room Maui Coast Hotel in Maui, Hawaii.
 
The 6-story Maui Coast Hotel is located in the coastal community of Kihei, just minutes from Maui's prestigious resort and residential area of Wailea, and approximately 11 miles from Kahalui International Airport.  Completed in 1993, the hotel is consistently the market leader among its competitive set.  The Maui Coast Hotel is the only full service hotel in the Kihei market and has been awarded the American Automobile Association (AAA) "Three-Diamond" designation.  The property is franchised 
Maui Coast Hotel
2259 South Kihei Road
Kihei, Hawaii
by Vancouver, Canada-based Coast Hotels and Resorts, one of the largest regional hotel chains in Western North America. The property is managed by Paramount Hotels, LLC.

Elliot K. Eichner, Principal of Sonnenblick-Eichner Company commented, "Due to the hotel's tremendous operating success over the past 4 years, with annual occupancy in excess of 85%,  we had significant lender interest and were able to provide a cost of capital of less than 6.75%"

Added Patrick Brown, Executive Director of Sonnenblick-Eichner Company, "Since Maui captured over 23% of total mainland lift going to Hawaii this year, it is not surprising that it achieved the highest ADRs in the state of Hawaii."

Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-based real estate investment banking firm that specializes in the financing and sale of institutional quality commercial real estate.  Other transactions recently completed by Sonnenblick-Eichner Company include:

  • $118 million permanent financing for two portfolios of 14 WestCoast and Red Lion hotels totaling 3,078 rooms.
  • $65 million interim financing for the 442-room Charleston Place, Charleston, South Carolina.
  • $58.4 million sale of University City Village Apartments in La Jolla, California.
  • $57 million permanent financing for the Museum Square office building in Los Angeles, California.

 
Contact:
 Sonnenblick-Eichner Company
1801 Avenue of the Stars, Suite 1020
Los Angeles, CA 90067
310-286-7700
Fax: 310-286-7710
Media Contact:  Colette Schamet
e-mail: cschamet@sonneich.com
Also See: The 500-room WestCoast Anaheim Hotel Obtains $24,500,000 in Leasehold First Mortgage Financing / Nov 2000
Sonnenblick-Eichner Retained to Finance $250 Million St. Regis Monarch Beach Resort / June 2000


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