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Sonnenblick-Eichner Co. Arranges $26.75 Million in Debt to Refi Two Northern CA Hotels
By: Sonnenblick-Eichner Co.
The $15 million loan on the Lafayette Park Hotel retired an existing life insurance company loan and provided for more than $4 million of capital to renovate the guestrooms.
Proceeds from the $11.75 million loan on The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity.
Both long-term 10-year fixed-rate loans are non-recourse and were funded by a life insurance company.
Located on the "Highway 24" corridor in San Francisco's East Bay suburb of Lafayette, the Lafayette Park Hotel & Spa is a full-service hotel offering 138 guestrooms. The city of Lafayette is considered the urban hub of the region, with more than 14 million square feet of commercial office space located within seven miles of the property.
The Lodge at Bodega Bay is located on the renowned Sonoma County coastline of Bodega Bay. Offering unobstructed panoramic views of Bodega Bay and the Pacific Ocean, this full-service, boutique resort offers 83 guestrooms, with amenities including Drakes Sonoma Coast fine dining restaurant and Fireside Lounge, 6,285 square feet of indoor and outdoor meeting space and the Sonoma Coast Spa and Fitness Center.
The properties are both members of the Woodside Collection (www.woodsidecollection.com)
"We had tremendous interest in this financing opportunity from both Life Companies and CMBS lenders," said Sonnenblick-
"As evidenced by this transaction, and other offerings we are currently marketing, we are still seeing a tremendous abundance of capital available for all product types, including hospitality,"
DB&R Marketing Communications, Inc.