Sonnenblick-Eichner Raises $126M, Refinances Pacifica Hotels
Los Angeles-based real estate finance firm Sonnenblick-Eichner Company has secured $126 million in first mortgage financing to refinance Pacifica Hotels' portfolio of seven Southern California hotels totaling 601 rooms.
The financing package comprises three- and five-year fixed-rate and non-recourse loans arranged through a Wall Street investment bank and an insurance provider.
Pacifica Hotels, known for its portfolio of coastal destination properties popular among leisure travelers, will continue managing the seven hotels. Meanwhile, Sonnenblick-Eichner remains active in the hospitality capital markets, sourcing funds for additional assets.
September’s funding cases in travel also include Understory raising $14 million in a funding round led by Smedvig Ventures and UK’s UnderTheDoormat receiving $7 million from OMRAN Group.
Photo by Sinjin Thomas on Unsplash
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