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Sonnenblick-Eichner Company Arranges First Mortgage Financing For The Anabelle Hotel & Safari Inn, Burbank, California
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LOS ANGELES, Jan. 9 /PRNewswire/ -- Sonnenblick-Eichner Company announced today that it has arranged first mortgage financing for The Anabelle Hotel, a 47-room full service boutique hotel, and the adjacent Safari Inn, a 55-room limited service hotel. The properties are located in the Media District of Burbank, California.
Both properties were significantly renovated and repositioned during the past two years at a cost of approximately $30,000 per room. The properties are operated jointly and marketed separately. WestCoast Hospitality Corporation (NYSE: WEH) franchises The Anabelle Hotel and the Safari Inn operates as an independent. The properties cater to entertainment related businesses and the nearby office markets of the Tri-City area of Burbank, Glendale and Pasadena. Elliot K. Eichner, Principal of Sonnenblick-Eichner Company commented that This transaction is significant for the hospitality industry as it proves that there is liquidity in the debt markets for hotel properties post September 11. The properties' niche in the market and its excellent sponsorship were key factors in placing this financing.
Patrick Brown, Executive Director of Sonnenblick-Eichner Company added, Our company is committed to our relationships with our clients. This is the eighth transaction of hospitality financing and sales that we have closed for this client in the past three years.
The non-recourse variable rate financing was provided by a commercial bank.
Sonnenblick-Eichner Company is a Los Angeles based real estate investment banking firm that specializes in the financing and sale of institutional quality commercial real estate. Other hospitality related transactions recently completed by the principals of Sonnenblick-Eichner Company include:
* The $243 million sale of the Westin St. Francis Hotel in San Francisco,
California.
* Construction and mini-perm financing for the 400-room, $250 million
St. Regis Monarch Beach Hotel in Dana Point, California.
* $62.9 million permanent financing for a portfolio of four WestCoast
hotels consisting of 1,038-rooms in the Pacific Northwest.
* $38.5 million permanent financing for three Marriott hotels in
New Orleans, Louisiana.
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