Hotel Corp. Refis, Finesses Low Interest Rate

SPOKANE, WA-WestCoast Hospitality Corp. has taken advantage of lower interest rates and secured $62.9 million in permanent financing for four of its hotels.

Sonnenblick-Eichner Co., a Los Angeles-based real estate investmentbanking firm that specializes in the financing and sale of institutionalquality commercial real estate, completed the deal.

The properties include:

– The 402-room WestCoast Grand Hotel at the Park, Spokane, WA.

— The 297-room WestCoast Grand Hotel on Fifth Avenue, Seattle.

— The WestCoast Olympia Hotel, a 190-room full-service hotel, Olympia, WA.

— The WestCoast Colonial Hotel, a 145-room full-service hotel, Helena, MT.

The WestCoast Grand Hotel at the Park is located on the bank of the Spokane River across from Riverfront Park, location of the 1974 World’s Fair Expo. The hotel features over 29,000 sf of convention andmeeting space, including an 8,600-sf Exhibit Center.

The WestCoastGrand Hotel on Fifth Avenue is the flagship property in the WestCoast chain ofhotels. The property is located in the heartof downtown Seattle’s financial district and is a few blocks from theWashington State Convention and Trade Center. Both properties are members ofWestCoast’s luxury segment of hotels.

The WestCoast Olympia and Colonialhotels are located in the capital cities of Washington and Montana, and arethe primary hotels in their respective markets.

“WestCoast Hospitality was able to take advantage of today’s attractiveinterest rate environment by converting floating rate debt into long termfixed rate debt at very competitive rates,” Elliot K. Eichner, principal of Sonnenblick-Eichner Co., said in announcing the deal.