Sonnenblick-Eichner Company has arranged $126.1 million of first mortgage debt for Pacifica Hotels to refinance a portfolio of seven Southern California hotels totaling 601 rooms. The portfolio includes a collection of oceanfront and coastal hotels located in San Diego, Pismo Beach, Venice and Manhattan Beach.
The three- and five-year fixed-rate non-recourse loans were funded by a Wall Street investment bank and an insurance company.
The portfolio includes the following properties:
- The Wayfarer San Diego
- Sandcastle Hotel on the Beach, Pismo Beach
- Inn at Venice Beach, Venice
- The Kinney Venice Beach, Venice
- Spyglass Inn, Pismo Beach
- Cottage Inn by the Sea, Pismo Beach
- The Belamar Hotel, a Tapestry Collection by Hilton, Manhattan Beach
“We were successful in sourcing financing from several capital providers,” said Elliot Eichner, principal, Sonnenblick-Eichner Company. “Ultimately, the best execution was closing with two lenders for the portfolio. The portfolio was competitively bid as evidenced by the level of interest that we received.
Patrick Brown, principal, Sonnenblick-Eichner Company, added: “As demonstrated by this transaction and other hospitality assets that we are currently marketing for financing, there is a tremendous amount of capital available today for all types of hotels for both fixed- and floating-rate structures.”
