LOS ANGELES—Provenance Hotels has secured a $236 million loan through a CMBS lender for a seven-property hotel portfolio in the Pacific Northwest and Nashville, TN. The funds were used to purchase the properties in conjunction with Provenance Hotel Partners Fund I, a $525 million investment vehicle.

“They were looking for long term fixed rate financing given where interest rates were at the time,” Elliot Eichner, a principal at Sonnenblick-Eichner Co., tells GlobeSt.com. “They had loans that were maturing in 2016 and 2017, so it was economically beneficial to pay the prepayment associated with the existing loans and at the same time not risk the possibility of higher interest rates in the future.” Sonnenblick-Eichner secured the funds on behalf of the borrower.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.