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ANAHEIM, CA-The owner of the 490-room Sheraton Park Hotel hasreplaced a $54-million floating-rate renovation loan with a$65-million fixed-rate permanent loan for the leasehold interest inthe property in a deal arranged by Sonnenblick-Eichner Co. of LosAngeles. Principal Patrick Brown of Sonnenblick-Eichner tellsGlobeSt.com that the new loan achieves a number of objectives forthe borrower: taking out the renovation loan, switching thefinancing from floating-rate to fixed rate and maintaining theinterest-only feature of the previous loan for the entire 10-yearterm of the new financing.

Sonnenblick-Eichner also arranged the $54-million renovationloan for the borrower, Concord, MA-based Western Hotel PropertiesLLC, in 2006. Brown explains that the previous financing wasintended primarily for renovations in connection with a flag changeafter Western Hotel bought the property, which formerly was knownas the Coast Anaheim Hotel.