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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN ARRANGES FINANCING FOR ACQUISITION AND RENOVATION OF THE BEVERLY HILTON IN BEVERLY HILLS, CA |
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Tuesday, January 13, 2004
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Beverly Hills, CA
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Sonnenblick-Goldman Company has arranged a large five-year floating-rate mortgage for the acquisition and renovation of the renowned Beverly Hilton on behalf of Oasis West Realty LLC, a company owned by entrepreneur and computer industry pioneer Beny Alagem. Details of the nine-figure financing, which was provided by Archon Financial, a Goldman Sachs company, were not disclosed.
The Beverly Hilton occupies 8.9-acres at the intersection of Wilshire and Santa Monica Boulevards. The world-famous hotel was acquired from Merv Griffin, who had purchased the 582-room hotel in 1987 from a partnership of Hilton Hotels Corporation and the Prudential Insurance Company. The Beverly Hilton is home to countless awards shows, charity benefits and entertainment and motion picture industry events, and is perhaps best known as the home of the annual Golden Globe Awards.
Oasis West Realty plans to renovate The Beverly Hilton to solidify its reputation as a preeminent hotel in the heart of Beverly Hills. The property will continue to be known as The Beverly Hilton and will be managed by Hilton Hotels Corp.
"We are delighted to have been given the opportunity to assist Beny Alagem and his talented team in securing financing with the flexible and favorable loan terms consistent with the landmark status of this asset," comments Rob Stiles, managing director and principal of Sonnenblick-Goldman Company, who heads up west coast operations out of San Francisco.
In addition to Mr. Stiles, Sonnenblick-Goldman’s transaction team for this assignment included Constantino Argimon, New York-based capital markets managing director and principal, and Holden Lim, vice president. |
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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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