BEVERLY HILLS, CA-Sonnenblick-Eichner Company say it 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 with Clifornia's Governor's Environmental and Economic Leadership Award, and the first Hilton branded hotel to win this award.
The 390-room Sheraton Orlando North was significantly renovated from 2006 to 2011, positioning it as one of the better hotels in this Orlando sub-market. An additional renovation and the appointment of Interstate Hotels and Resorts as hotel manager will allow the Sheraton to further realize its full potential profitability.
Elliot Eichner, a principal of Sonnenblick-Eichner commented, “This financing provided for a recapitalization of a portion of the borrower's existing equity investment and prepayment flexibility to execute their business plan.”
The borrower is a partnership comprised of Waramaug Hospitality, Interstate Hotels and Resorts, and Varde Partners. Sonnenblick-Eichner is a BeverlyHills-based real estate investment banking firm that specializes in arranging structured finance.
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