January 13, 2017
Sonnenblick-Eichner Co. secured $92 million in first-mortgage debt to refinance a 592-room portfolio owned by Lodgeworks Partners LP in Wichita, KS. The portfolio features Hyatt House properties in Virginia and Pennsylvania, a Hilton Garden Inn in Albany, NY and the Archer Hotel in Austin, TX.
The financing consisted of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner arranged 10-year fixed financing on each of the two Hyatt House properties, and LIBOR-based floating rate financing from two regional banks on the Archer and Hilton Garden Inn properties.
The portfolio consists of:
- 171-Room Archer Hotel, 3121 Palm Way, Austin, TX
- 148-Room Hyatt House Falls Church/Merrifield, 8296 Glass Alley, Fairfax, VA
- 147-Room Hyatt House Philadelphia/King of Prussia, 240 Mall Blvd., King of Prussia, PA
- 126-Room Hilton Garden Inn, 1389 Washington Ave., Albany, NY
For comments, questions or concerns, please contact Amy Sorter