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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Arranges Equity And Debt Financing For Acquisition And Renovation Of The Hilton Guam Resort & Spa In Tumon Bay, Guam |
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Thursday, December 02, 2004
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Guam
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The San Francisco and Tokyo offices of Sonnenblick-Goldman Company have arranged all equity and mortgage financing for the acquisition and renovation of the 687-room Hilton Guam Resort & Spa on behalf of Pacific Holdings Trust. The new owner, Da Vinci-RP Hotel Investors, plans an extensive renovation of the resort to begin in 2005.
"In a truly cross-border transaction, the equity financing was placed with renowned U.S. and Japanese opportunity funds, while the $25 million debt facility was placed with Japan’s Aozora Bank – which is backed by U.S.-based Cerberus Capital," notes Robert Stiles, San Francisco-based managing director and principal of Sonnenblick-Goldman Company.
The Hilton Guam Resort & Spa is situated on 32 acres of prime beachfront property at the southern end of the spectacular reef-protected Tumon Bay. The hotel, which was acquired from Hilton International, is the largest beachfront fee-simple site on Guam. It hosts the second largest guestroom count in the Guam market and has historically been the premier destination on Guam since its opening in 1972.
The new ownership plans to renovate The Hilton Guam Resort & Spa to build upon the property’s inherent strengths and reputation as the leading destination resort in the Guam market. The property will continue to be known as The Hilton Guam Resort & Spa and will be managed by Hilton International.
"The new ownership will benefit from the powerful management and marketing platform of Hilton International, the dramatic recovery in visitor arrivals to Guam that has developed momentum this year, and the strengthening local Asian currencies relative to the U.S. dollar," according to Roger Griffin, Tokyo-based executive vice president of Sonnenblick-Goldman. |
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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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