Business & Finance

Sonnenblick-Eichner Company Arranges $41,000,000 of First Mortgage Financing for Hotel Eastlund, Portland, Oregon

BEVERLY HILLS, CA. March 9, 2017 – Sonnenblick-Eichner Company has arranged $41,000,000 of first mortgage financing for Hotel Eastlund located in Portland, Oregon.

The financing was a non-recourse, 10-year fixed rate loan provided by an international money center bank.

Elliot Eichner, Principal of Sonnenblick-Eichner Company commented, “The hotel recently completed an extensive renovation and rebranding and had limited operating history at the time of the closing of the new loan. By underwriting the most recent trailing 12-month cash flow, we were able to maximize loan proceeds. We were also successful in negotiating two years of interest-only payments.”

“This new loan takes out an acquisition and construction loan that we previously arranged for the ownership,” added Patrick Brown, also a principal of Sonnenblick-Eichner Company.

Located across the street from the Oregon Convention Center in the in the burgeoning Lloyd District of Portland, Oregon, Hotel Eastlund is a 6-story, 168-room boutique hotel whose amenities include approximately 4,800 square feet of meeting and banquet space, the Altabira City Tavern and Citizen Baker, a rooftop deck, and business and fitness centers. The Hotel also includes approximately 1,000 square feet of street level retail space and on-site parking for approximately 131 cars. Hotel Eastlund ranks in the top 10% of Hotels in Portland on TripAdvisor and was recognized as one of Travel & Leisure magazine’s 2016 “17 Coolest New Urban Hotels in the Country.”

About Sonnenblick-Eichner Company

Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties.

Contact:
Bruce Beck
bruce@dbrpr.com
(805) 777-7971

Coming Up In The August Online Hotel Business Review




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Feature Focus
Food & Beverage: Multiplicity and Diversity are Key
The challenge for hotel food and beverage operations is to serve the personal tastes and needs of an increasingly diverse population and, at the same time, to keep up with ever-evolving industry trends. In order to accomplish this, restaurateurs and hoteliers have to flex their creative muscles and pull out all the stops to satisfy their various audiences. One way to achieve this is to utilize existing food spaces in multiple ways at different times of the day. Lunch can be casual and fast, while dinnertime can be more formal and slower paced. The same restaurant can offer counter service by day but provide table service by night, with a completely different menu and atmosphere. Changes in music, lighting, uniforms and tabletop design contribute to its transformation. This multi- purpose approach seeks to meet the dining needs of guests as they change throughout the day. Today’s restaurants also have to go to great lengths to fulfill all the diverse dietary preferences of their guests. The popularity of plant-based, paleo, vegan, and gluten and allergen-free diets means that traditional menus must evolve from protein-heavy, carb-loaded offerings to those featuring more vegetables and legumes. Chefs are doing creative things with vegetables, such as experimenting with global cuisines or incorporating new vegetable hybrids into their dishes. Another trend is an emphasis on bold and creative flavors. From chili oil to sriracha to spicy maple syrup, entrees, desserts and beverages are all being enhanced with spice and heat. The August issue of the Hotel Business Review will document the trends and challenges in the food and beverage sector, and report on what some leading hotels are doing to enhance this area of their business.