Friday January 24th, 2014 - 10:07AM
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.