Sonnenblick-Eichner Company Arranges $38.5 Million Permanent Financing For New Orleans Courtyard and Residence Inn by Marriott Portfolio

Apr 17, 2001, 01:00 ET from Sonnenblick-Eichner Company

    LOS ANGELES, April 17 /PRNewswire/ -- Sonnenblick-Eichner Company is
 pleased to announce that it has arranged $38,500,000 in permanent first
 mortgage financing for a portfolio of Courtyard and Residence Inn Hotels in
 New Orleans, Louisiana.
     The portfolio consists of three properties totaling 478 rooms: the
 202-room Courtyard by Marriott-Convention Center, the 156-room Courtyard
 Metairie and the 120-room Residence Inn-Metairie.  All three properties have
 long term management agreements with a subsidiary of Marriott International.
 Elliot Eichner, Principal of Sonnenblick-Eichner Company commented, "New
 Orleans is recognized as one of the top cultural and group destinations in the
 United States.  There was significant interest from the lending community for
 these limited-service Marriott's.  Given the properties excellent locations
 and strength of the New Orleans hospitality market, it is not surprising that
 the hotels consistently exceed Marriott's financial expectations."
     The Courtyard-Convention Center property is particularly unique because it
 involved a restoration of an original 1885 warehouse.  The property is ideally
 located two blocks from the 1.1 million square foot Earnest N. Morial
 Convention Center.  The Courtyard and the adjoining Residence Inn-Metairie are
 strategically located at Interstate 10 and Causeway Boulevard in Metairie, the
 primary residential and commercial suburb of New Orleans.
     Sonnenblick-Eichner Company is a Los Angeles based real estate investment
 banking firm that specializes in the financing and sale of institutional
 quality 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.
 
     --  $24.5 million Interim Leasehold financing for the 500-room WestCoast
         Anaheim Hotel, Anaheim, California
 
 

SOURCE Sonnenblick-Eichner Company
    LOS ANGELES, April 17 /PRNewswire/ -- Sonnenblick-Eichner Company is
 pleased to announce that it has arranged $38,500,000 in permanent first
 mortgage financing for a portfolio of Courtyard and Residence Inn Hotels in
 New Orleans, Louisiana.
     The portfolio consists of three properties totaling 478 rooms: the
 202-room Courtyard by Marriott-Convention Center, the 156-room Courtyard
 Metairie and the 120-room Residence Inn-Metairie.  All three properties have
 long term management agreements with a subsidiary of Marriott International.
 Elliot Eichner, Principal of Sonnenblick-Eichner Company commented, "New
 Orleans is recognized as one of the top cultural and group destinations in the
 United States.  There was significant interest from the lending community for
 these limited-service Marriott's.  Given the properties excellent locations
 and strength of the New Orleans hospitality market, it is not surprising that
 the hotels consistently exceed Marriott's financial expectations."
     The Courtyard-Convention Center property is particularly unique because it
 involved a restoration of an original 1885 warehouse.  The property is ideally
 located two blocks from the 1.1 million square foot Earnest N. Morial
 Convention Center.  The Courtyard and the adjoining Residence Inn-Metairie are
 strategically located at Interstate 10 and Causeway Boulevard in Metairie, the
 primary residential and commercial suburb of New Orleans.
     Sonnenblick-Eichner Company is a Los Angeles based real estate investment
 banking firm that specializes in the financing and sale of institutional
 quality 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.
 
     --  $24.5 million Interim Leasehold financing for the 500-room WestCoast
         Anaheim Hotel, Anaheim, California
 
 SOURCE  Sonnenblick-Eichner Company