Close

Cart

Total $0.00

Checkout

Beverly Hills, California, January 21, 2016 - Sonnenblick-Eichner Company announced today that it has arranged $236,750,000 of first mortgage financing for seven lifestyle hotels totaling 1,072 rooms that are owned and operated by Portland, Oregon-based Provenance Hotels and located in the Central Business Districts of Portland, Oregon and Seattle, Washington, as well as a property in Nashville, Tennessee.

Six of the properties received 10-year fixed rate loans, all non-recourse and not cross-collateralized. These include: Hotel Lucia, Portland, Oregon; Hotel deLuxe, Portland, Oregon; Sentinel, Portland, Oregon; the Westin Portland, Portland, Oregon; Hotel Max, Seattle, Washington; and Hotel Preston, Nashville, Tennessee. Following the financings, these six hotels were acquired by Provenance Hotels’ newly-launched $525 million fund, Provenance Hotel Partners Fund I. The financing of the seventh hotel, the Roosevelt Hotel, was a non-recourse LIBOR-based facility that Provenance Hotels used to acquire their partners’ equity interest and for the upcoming renovation and repositioning of the hotel.

Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “The borrower chose to refinance a majority of the loans prior to maturity.  The cost of prepayment was mitigated by the lower cost of capital and the risk associated with the potential of higher interest rates in the future.  The Borrower also realized pent-up equity they had in the portfolio.”

Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “We were engaged to refinance loans we had previously arranged for the Borrower.  Through our marketing efforts we were able to source financing quotes from multiple capital sources.” 

About Provenance Hotels

Provenance Hotels manages award-winning urban lifestyle hotels with a distinct and deeply integrated art story.  The portfolio includes Hotel deLuxe, Hotel Lucia and Sentinel in Portland, Oregon, Hotel Max, Hotel 1000 and the Roosevelt Hotel in Seattle, Washington, Hotel Murano in Tacoma, Washington, Hotel Preston in Nashville, Tennessee and the Old No. 77 Hotel & Chandlery in New Orleans, Louisiana. Provenance Hotels can be found online at (www.provenancehotels.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.  

Contact: Bruce Beck

bruce@dbrpr.com / Bruce Beck

Related News

Sonnenblick-Eichner Company Arranges $22,000,000 of First Mortgage Financing for Shops at the Pier, on Behalf of Provenance Hotels and Bolour Associates, in Hermosa Beach, California

Sonnenblick-Eichner Company Arranges $35,000,000 of First Mortgage Financing for The Inn at the Market, Seattle, Washington

Provenance Hotels Names John Price Southeast Regional Director of Operations

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

Sonnenblick-Eichner Company Arranges $135,780,000 of Financing for a Portfolio of Cooper Hotels

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

Provenance Hotels to Manage Portland's 150-Room Heathman Hotel

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

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

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

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

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

Provenance Hotels Eases Booking Process, Increases Revenue with Social Tables

Provenance Hotels and NBP Capital Partner to Purchase Seattle's 151-room Roosevelt Hotel

Provenance Hotels Names Executive Team for the Old No. 77 Hotel & Chandlery in New Orleans

The Old No. 77 Hotel & Chandlery to Open in Spring 2015 in New Orleans Featuring 167 Guest Rooms

Chris Lorino Appointed Washington Regional Director of Operations for Provenance Hotels

All News »

Please login or register to post a comment.