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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES $33.5 MILLION MORTGAGE FOR SCOTTSDALE MARRIOTT AT MCDOWELL MOUNTAINS |
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Wednesday, December 10, 2003
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New York, NY
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Sonnenblick-Goldman Company has arranged a $33.5 million fixed-rate, first mortgage for the Scottsdale Marriott at McDowell Mountains in Scottsdale, AZ, on behalf of Walton Street Capital. A domestic investment bank provided the loan.
The 270-key, all-suite Scottsdale Marriott was developed in 1999 in an above "brand-standard" fashion and features upscale food and beverage outlets, a variety of flexible meeting rooms, and a range of amenities. Situated on approximately ten landscaped acres, the hotel overlooks the Tournament Players Club Desert Course of Scottsdale.
Commenting on the transaction, Sonnenblick-Goldman managing director and principal, Mark Gordon, states, "The transaction received a significant amount of interest from the international lending community, which is reflective of the capital markets’ continued strong interest in the lodging industry. The high level of lender interest created a very competitive marketing process, which enabled us to structure an extremely attractive transaction for the borrower.
In addition, the high quality of the asset, along with the exceptional reputation of the borrower, Walton Street Capital, and the enhanced performance of the hotel, which is attributable to the asset management abilities of SCS Advisors, all contributed to the desirability of the offering."
Sonnenblick-Goldman associate director Lorena Heredia adds, "New convention-oriented hotels have induced additional lodging demand in the Phoenix/Scottsdale area, strengthening RevPAR levels in the market and making investors confident about the asset’s current and future performance."
The hotel is a premier corporate transient and group hotel and offers first-class facilities, including all-suite guestrooms of 575 square feet, more than 10,000 square feet of interior function space, 6,500 square feet of exterior function space, two food and beverage outlets, business services, swimming pool, gift shop and preferred access to the adjacent Tournament Player Golf Club.
The Scottsdale Marriott at McDowell Mountains has the distinction of being the leading all-suite hotel in the marketplace and is strategically located in the expanding North Scottsdale area. The hotel is near several major corporate and leisure demand generators as well. In addition, continuing development projects in the greater Phoenix area, such as the fully approved $600 million expansion of the Phoenix Civic Plaza Convention Center, and recently completed and on-going highway expansions, continue to support growth in the area.
Walton Street Capital, LLC sponsors a series of performance based, private-equity real estate investment funds. The funds have received total equity commitments of $1.4 billion from public and corporate pension funds, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals. The funds have an opportunistic and value-added investment focus, with the objective of producing returns to investors of at least 20%.
Walton Street has 12 principals, which direct the investment and management of the funds. Collectively, the principals have nearly 200 years of real estate experience and have participated in more than $25 billion in real estate transactions.
SCS Advisors, Inc. is a multi-disciplined real estate organization, which provides development, transactions and asset management services to investors in the hotel industry. SCS Advisors was created in 1997 by executives of JMB Realty Corporation and Walton Street Capital L.L.C. SCS Advisors Inc. has been responsible for executing hotel acquisitions in excess of $550 million, hotel development totaling $300 million, and oversight of a hotel portfolio comprising 6,361 rooms in 13 hotels. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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