US: Real estate investment banking firm Sonnenblick-Eichner Company has arranged $22.6 million (£17.6 million) in first mortgage leasehold financing for Hotel Valencia Riverwalk, a luxury hotel located along the San Antonio River Walk in downtown San Antonio, Texas.
The financing was secured on behalf of the hotel’s operator and owner, Valencia Hotel Group, and will be used to refinance a maturing 10-year loan previously placed by the same firm.
The 12-story, 213-room property is part of the AAA-rated, Four Diamond Valencia Hotel Collection.
It offers 9,841 square feet of meeting and event space, a fitness center, and an interior open-air courtyard.
The hotel’s dining options include the signature restaurant Dorrego’s, the Naranja Tequila and Mezcal Bar, and Café Naranja, all with views overlooking the San Antonio River.
David Sonnenblick, principal at Sonnenblick-Eichner Company said: “We had tremendous lender interest in this financing opportunity and ultimately closed a five-year fixed-rate loan which was sized to a low debt yield for a hotel encumbered by a ground lease.”
Patrick Brown, also a principal said: “The debt markets are extremely liquid for both fixed- and floating-rate hotel loans, as evidenced by the level of interest we experienced on this transaction and other hotel loans that we are marketing.”
Highlights:
- Sonnenblick-Eichner Company has arranged $22.6 million in first mortgage leasehold financing for Hotel Valencia Riverwalk.
- The 12-story, 213-room luxury hotel is located on the San Antonio River Walk and operated by Valencia Hotel Group.
- The hotel features 9,841 square feet of meeting and event space, a fitness center, an interior courtyard, and several dining venues including Dorrego’s and Naranja Tequila and Mezcal Bar.