Sonnenblick-Eichner Company Arranges $41.1M of First Mortgage Financing for Two Hotels
Friday January 24th, 2014 - 10:07AM SH
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BEVERLY HILLS, CA—Sonnenblick-Eichner Company has arranged $41.1 million of first mortgage acquisition financing for the Hilton Concord and Sheraton Orlando North hotels, located in Concord, CA and Maitland, FL, respectively. The LIBOR-based loan was funded by a money center commercial bank.
The Hilton Concord is an 11-story, 329-room, full-service hotel that was recently recognized by the Governor of the State of California for the Governor’s Environmental and Economic Leadership Awards (GEELA).
The 390-room Sheraton Orlando North was significantly renovated from 2006 to 2011, and an additional renovation is planned. Interstate Hotels and Resorts is the hotel’s manager.
The borrower is a partnership comprised of Waramaug Hospitality, Interstate Hotels and Resorts and Vӓrde Partners.
Tags: Sonnenblick Eichner Company • Hilton Concord • Sheraton Orlando North • Waramaug Hospitality • Interstate Hotels and Resorts • Varde Partners • Hospitality • Ownership • Sources of Funding •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.