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Portfolio of 11 hotels including 3 in Florida draws $135.78 million loan
Tennessee-bassed Cooper Hotels got the five-year loan from California-based Sonnenblick-Eichner
A Memphis, Tennessee-based hotel developer and manager landed $135.78 million of mortgage financing secured by 11 of its Hilton-brand hotels, including three in Florida.
Cooper Hotels obtained the non-recourse, first mortgage financing from Sonnenblick-Eichner Company of Beverly Hills, California.
The loan from Sonnenblick-Eichner has a floating interest rate and interest-only payments during its entire five-year.
Sonneblick-Eichner principal Elliot Eichner said in a prepared statement that Cooper elected a floating interest rate instead of a fixed rate to achieve “maximum flexibility with respect to prepayment.”
The loan amount of $135.78 million equals 70 percent of the value of the 11 Cooper-owned hotels, which include the Hilton Naples, the Hilton Orlando/Altamonte Springs and Homewood Suites by Hilton. The other eight hotels are located in Tennessee and the Detroit area.
Sonnenblick-Eichner had arranged two previous mortgage financing deals for Cooper, which has a total of 20 hotels in five states and operates most of them under Hilton and InteContinental Hotel Group brands.