Close

Cart

Total $0.00

Checkout

Beverly Hills, California, September 19, 2017 - Sonnenblick-Eichner Company announced today that it has arranged $135,780,000 of non-recourse, first mortgage financing for 11 of Memphis-based Cooper Hotels’ properties totaling 2,037 rooms.  The hotels include full service, select service, extended stay and limited service hotels located in Florida, Michigan, and Tennessee, all branded by Hilton.

The 5-year floating rate loan was underwritten to a 70% loan-to-value and pays on an interest-only basis for the entire term.

The portfolio includes the following properties:

  • Hilton Naples, Naples, Florida
  • Hilton Orlando/Altamonte Springs, Altamonte Springs (Orlando), Florida
  • Homewood Suites by Hilton Ft. Myers Airport, Fort Myers, Florida
  • Embassy Suites by Hilton Detroit Metro Airport, Romulus, Michigan
  • Hilton Garden Inn Detroit Metro Airport, Romulus, Michigan
  • Hampton Inn & Suites Detroit/Airport-Romulus, Romulus, Michigan
  • DoubleTree by Hilton Memphis, Memphis, Tennessee
  • DoubleTree by Hilton Jackson, Jackson, Tennessee
  • DoubleTree by Hilton Murfreesboro, Murfreesboro, Tennessee
  • DoubleTree by Hilton Oak Ridge – Knoxville, Oak Ridge, Tennessee
  • DoubleTree by Hilton Johnson City, Johnson City, Tennessee

Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “The Cooper Hotels portfolio was marketed for both a fixed and floating rate execution.  Ultimately, our client opted for a floating rate loan affording them maximum flexibility with respect to prepayment.  Given the viability of the cash flow, excellent sponsorship, and ongoing capital investment in the properties, we had significant lender interest in the recapitalization.”

Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “As a testament to our longstanding client relationships, this is the 3rd financing that we arranged for Cooper Hotels.”

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.  

Contact: Colette Schamet

cschamet@sonneich.com / (310) 286-7700 x 108

About Cooper Hotels

Cooper Hotels is a privately owned hotel development and management company based in Memphis, Tennessee.  Its portfolio includes 20 hotels in five states.  The company operates primarily Hilton and InterContinental Hotels Group brand properties.  For more information on Cooper Hotels, visit cooperhotels.com.

Related News

Sonnenblick-Eichner Company Arranges $16,750,000 of First Mortgage Acquisition Financing for the Normandy Hotel, Washington, D.C.

Public Involvement in Convention Center Hotel Financing

Hospitality Funding, Inc. Arranged Funding for the Acquisition of the Comfort Suites Arlington, Texas

Hospitality Funding Advises Cambria Hotels Expansion in Sonoma County, California

Sonnenblick-Eichner Company Arranges $41,000,000 of First Mortgage Financing for Hotel Eastlund, Portland, Oregon

Sonnenblick-Eichner Company Arranges $92,000,000 of First Mortgage Financing for a Portfolio of Four Hotels Located in Texas, Virginia, Pennsylvania and New York

Hospitality Funding Arranges $12.6 Million Acquisition Loan for Plantation, Florida Hotel

Sonnenblick-Eichner Company Arranges $75,000,000 of First Mortgage Leasehold Financing for Cavallo Point-The Lodge at the Golden Gate in Sausalito, California

Sonnenblick-Eichner Company Arranges $38,000,000 of First Mortgage Leasehold Financing for Marina Del Rey Hotel, Marina Del Rey, California

Sonnenblick-Eichner Company Arranges $65 Million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, CA

Three Secrets Your CMBS Banker Does Not Want You to Know

Sonnenblick-Eichner Company Arranges $27,000,000 of First Mortgage Financing for Cedarbrook Lodge, SeaTac - Seattle, Washington

Sonnenblick-Eichner Company Arranges $236,750,000 of First Mortgage Financing for Seven Provenance Hotels

Sonnenblick-Eichner Company Arranges $65,200,000 of First Mortgage Financing for the Hyatt House Seattle Redmond, Washington and The Hyatt House Seattle Bellevue, Washington

Hotel Financing In Four Practices

Sonnenblick-Eichner Arranges $49,655,000 of First Mortgage Financing for Beechwood Hotel Portfolio

Sonnenblick-Eichner Arranges $153,150,000 of First Mortgage Financing for Pacifica Hotel Portfolio

Completing $10M Conversion, the 165-room DoubleTree by Hilton Decatur Riverfront Opens in Alabama

Cornell Study Highlights Drivers of Risk Premium Paid for Hotel Loans

The Return of Hotel Financing and What to Consider

All News »

Please login or register to post a comment.