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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES CONSTRUCTION FINANCING FOR FUTURE HYATT REGENCY IN PHILADELPHIA |
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Wednesday, December 01, 1999
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New York, NY
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Sonnenblick Goldman Company, acting as the exclusive financial advisor to Penn's Landing Partners, L.P., has arranged a $43 million financing for the future Hyatt Regency Penn's Landing Hotel. The project is being developed by Penn's Landing Partners, L.P., a joint venture of Keating Development Company and Somerset Holdings. The financing was provided by Union Labor Life Insurance Company.
Michael Sullivan, Managing Partner of Sonnenblick-Goldman, commented that given "the current lack of available upscale convention lodging facilities in the surrounding waterfront area, the development of the Hyatt Regency Penn's Landing Hotel should have a positive effect in capturing high-end demand."
The funds provided by Union Labor Life Insurance will be used to construct and develop a first class, Hyatt Regency Hotel and Conference Center, which will be managed by Hyatt Corporation. The 350-room, 22 story, full-service hotel will be located in the popular entertainment district of the waterfront marina, at Penn's Landing in Downtown Philadelphia. The hotel will include 21,500 square feet of meeting/banquet space, two restaurants, an indoor and an outdoor pool, and retail shopping. |
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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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