BEVERLY HILLS, CA -- (Marketwire) -- 11/15/11 -- Sonnenblick-Eichner Company announced today that it has arranged $45,000,000 in construction financing for the El Encanto Hotel located in Santa Barbara, California, on behalf of Orient-Express Hotels, Ltd. Proceeds from the loan will augment the funding of the redevelopment and expansion of this luxury property, which was originally constructed in the early 1920s.
El Encanto, a 92-key landmark hotel in Santa Barbara, will be one of the premier luxury properties in Southern California when it opens in late 2012.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in attracting LIBOR-based construction financing from an international money center bank despite a dearth of construction financing in the market for hotel development given the strength of the borrowing entity and the Santa Barbara location."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added, "We had interest in this redevelopment from various real estate debt funds, but the LIBOR-based construction loan from an international money center bank made the most sense for the borrower."
About Orient-Express Hotels Ltd.
Orient-Express Hotels Ltd., www.orient-express.com (NYSE: OEH), is a hotel and leisure group focused on the luxury end of the leisure travel market. Orient-Express Hotels currently owns and operates 49 deluxe hotels, restaurants, tourist trains and river cruises in 24 countries. Orient-Express acquires distinctive properties in areas of outstanding cultural, historic or recreational interest in order to provide luxury lifestyle experiences for the elite traveler.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills- based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial and multifamily properties.