The interest rate on the five-year loan is less than 100 basis points above LIBOR, according to Sonnenblick-Eichner Co., the Los Angeles based firm that arranged the financing. The loan takes out a previous loan also arranged by Sonnenblick-Eichner.
Charleston Place is recognized as one of the top hotels in the United States. "That, coupled with the excellent sponsorship of Orient-Express Hotels, resulted in pricing significantly less than 100 basis points over LIBOR with no amortization during the five-year term of the loan," says Sonnenblick-Eichner principal Elliot Eichner. Sonnenblick-Eichner principal Patrick Brown adds that the transaction was "highly structured" due to "several layers of existing debt that were required to remain in place."
Charleston Place has been awarded the "Four-Star" rating by the Mobil Travel Guide and the "Four-Diamond" rating by the American Automobile Association. Its retail space is leased by the likes of Gucci, Montblanc, LaCoste, and Benetton.
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