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 June Online Hotel Business Review




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Feature Focus
Sales & Marketing: Who Owns the Guest?
Hotels and OTAs are, by necessity, joined at the hip and locked in a symbiotic relationship that is uneasy at best. Hotels require the marketing presence that OTAs offer and of course, OTAs guest’s email when it sends guest information to a hotel, effectively allowing OTAs to maintain “ownership” of the guest. Without ready access to guest need hotel product to offer their online customers. But recently, several OTAs have decided to no longer share a data, hotels are severely constrained from marketing directly to a guest which allows them to capture repeat business – the lowest cost and highest value travelers. Hotels also require this data to effectively market to previous guests, so ownership of this data will be a significant factor as hotels and OTAs move forward. Another issue is the increasing shift to mobile travel bookings. Mobile will account for more than half of all online travel bookings next year, and 78.6% of them will use their smartphone to make those reservations. As a result, hotels must have a robust mobile marketing plan in place, which means responsive design, one-click booking, and location technology. Another important mobile marketing element is a “Click-to-Call” feature. According to a recent Google survey, 68% of hotel guests report that it is extremely/very important to be able to call a hotel during the purchase phase, and 58% are very likely to call a hotel if the capability is available in a smartphone search. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.