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Lenders get to the art of latest hotel venture.

Sonnenblick Goldman, serving as the exclusive financial advisor to a joint venture between Westbrook Partners and Lodging Capital Partners, LLC, has arranged a non-recourse, floating-rate, first-mortgage financing for the acquisition of The Wyland Waikiki in Honolulu.

The financing was provided by Column Financial, a wholly-owned subsidiary of Credit Suisse.

The 404-room hotel, which was previously operated as the OHANA Waikiki Surf, is in the final stages of an extensive renovation to reposition the property into an upscale hotel. The property will open later this summer as The Wyland Waikiki - A Doubletree[R] Hotel, managed by Hilton Hotels Corporation.

Celebrated marine artist, Robert Wyland, who has long promoted respect for ocean resources through public art, is extending his preservation efforts to Waikiki's urban renewal by partnering with the owner of the property to produce the first Wyland themed hotel.

"Due to the unique collaboration with Robert Wyland and the multimillion dollar art collection which will be displayed, as well as the spectacular renovation of the property, The Wyland Waikiki will be a very special property," said Rob Stiles, managing director and principal of Sonnenblick Goldman's San Francisco office.

"There is significant upside in the hotel resulting from aggressive management by Hilton, a totally repositioned product, and the recent reduction in lodging inventory in Waikiki."

"Due to the strength of the sponsorship, the excellent location of the hotel, the strong dynamics of the Waikiki lodging market as well as the repositioning plan for the hotel, we were able to generate a highly competitive process with lenders that resulted in a loan with financing terms that significantly exceeded expectations," commented Mark Gordon, managing director and principal of Sonnenblick Goldman's New York office.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Sep 6, 2006
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