Sonnenblick-Eichner Company Arranges 62.9 Million USD of Permanent Financing For WestCoast Hospitality Corporation Portfolio
LOS ANGELES, Oct. 2 / Sonnenblick-Eichner Company announced today that it has completed $62,900,000 in permanent financing for a portfolio of four hotels comprised of 1,038-rooms which are owned, managed and franchised by WestCoast Hospitality Corporation
- The 402-room WestCoast Grand Hotel at the Park, Spokane, Washington.
- The 297-room WestCoast Grand Hotel on Fifth Avenue, Seattle,Washington.
- The WestCoast Olympia Hotel, a 190-room full-service hotel, Olympia, Washington.
- The WestCoast Colonial Hotel, a 145-room full-service hotel, Helena, Montana.
The WestCoast Grand Hotel at the Park is strategically 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 square feet of convention and meeting space, including an 8,600 square foot Exhibit Center. The WestCoast Grand Hotel on Fifth Avenue is the flagship property in the WestCoast chain of hotels. The property has an excellent location on Fifth Avenue in the heart of downtown Seattle's financial district and is a few blocks from the Washington State Convention and Trade Center. Both properties are members of WestCoast's luxury segment of hotels. The WestCoast Olympia and Colonial hotels are located in the capital cities of Washington and Montana, and are the primary hotels in their respective markets.
Elliot K. Eichner, Principal of Sonnenblick-Eichner Company, commented, "WestCoast Hospitality was able to take advantage of today's attractive interest rate environment by converting floating rate debt into long term fixed rate debt at very competitive rates."
About WestCoast Hospitality Corporation:
WestCoast Hospitality Corporation owns, manages and franchises full-service hotels in 9 western states. WestCoast Hotels are three and four diamond properties and focus on serving business, convention and leisure travelers. On October 1, 2001, WestCoast is re-branding five additional hotels to the WestCoast brand. WestCoast Hotels is now offering WestAwards, an exciting new rewards program that allows customers to earn points toward complimentary hotel nights, air travel, entertainment tickets, merchandise and more. WestCoast provides entertainment services through TicketsWest, including event ticketing for venues in the Western United States and Canada, and aggregates content for travel and entertainment that is sold in real-time at its
About Sonnenblick-Eichner Company:
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 in San Francisco, California.
- Construction and mini-perm financing for the 400-room, $250 million St. Regis Monarch Beach Hotel in Dana Point, California.
- $38.5 million permanent financing for three Marriott hotels in New Orleans, Louisiana.
- $24.5 million Interim Leasehold financing for the 500-room WestCoast Anaheim Hotel, Anaheim, California.