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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges $155 Million Financing for Luxury Resort and Casino in Las Vegas |
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Wednesday, February 23, 2005
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New York City, NY
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Sonnenblick-Goldman Company, serving as exclusive financial advisor to Hotspur Nevada Resorts Inc, has arranged $155 million of first-mortgage financing for the J.W. Marriott Las Vegas Resort & Spa at Summerlin, in Las Vegas, Nevada. The LIBOR-based, floating-rate loan, provided by Credit Suisse First Boston, will be part of a larger securitization later this year.
“This was a particularly complex financing given the combination of resort and casino uses,” notes Robert Stiles, managing director of Sonnenblick-Goldman’s San Francisco office and head of the firm’s West Coast operations. “Nevertheless, we were successful in securing highly competitive proposals from a broad range of lenders and were able to achieve financing terms that significantly exceeded the owner’s expectations.”
The J.W. Marriott Las Vegas Resort & Spa is a 541-key, five-star hotel with an award-winning 40,000-square-foot spa, extensive meeting facilities and a nearly 60,000-square-foot casino. Developed at a cost in excess of $300 million and originally flagged the Regent Summerlin Resort, it was acquired by Hotspur Nevada Resorts in 2001. The hotel was re-opened as a J.W. Marriott Resort following a $20 million expansion of the Resort’s meeting facilities.
“The management team at Larco Hospitality has done an extraordinary job repositioning this property,” says Douglas Hercher, managing director of Sonnenblick-Goldman’s Capital Markets Group. “Despite the relatively limited operating history of the resort, lenders were comfortable with both its near-term and long-term potential.”
During the past twelve months, Sonnenblick-Goldman Company has completed nearly $5 billion of real estate transactions, including $2 billion of lodging transactions.
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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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