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4/13/16
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Sonnenblick-Eichner Company has arranged $65 mil of first mortgage debt for the refinancing of the 341-room Marriott Monterey Hotel in downtown Monterey. The property is owned by San Carlos Associates.
The 10-year, fixed-rate financing was provided by a European Money Center bank and was underwritten at a debt yield below 10 percent. It replaced maturing debt from 2006.
The AAA-rated, Four Diamond hotel is located adjacent to the Monterey Conference Center in the heart of the downtown retail district. The 10-story hotel includes approximately 16.5k sf of meeting space, spa, two restaurants and subterranean parking for 142 cars.
Monterey is home to the Monterey Aquarium and Cannery Row and within close proximity to the world famous Pebble Beach Golf Links. The Monterey area hosts more than four million visitors per year and is one of the premier tourist destinations in the country.
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