Westin Portland Secures $23.3M Perm Loan

PORTLAND-An ownership partnership that includes Starwood Hotels & Resorts Worldwide has secured a $23-million first-mortgage loan for its Westin Portland Hotel. Sonnenblick-Eichner Company arranged a 10-year loan through Deutsche Banc at a fixed rate of just under 7.75%.

“Despite the recent lack of liquidity for hotel financing, numerous lenders recognized the outstanding performance of this hotel given its positive growth in revenues since mid-2001,” said Elliot K. Eichner, principal of the LA-based real estate investment banking firm. “We had significant interest from multiple lending sources to provide financing for the Westin Portland despite the softening of the national economy and the impact of September 11th.”