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Paramount Refinances Three Washington Hotels

SEATTLE-A majority of the collateral for the $27.5-million in 10-year first mortgage financing is the Roosevelt Hotel, its property in Downtown Seattle. The interest rate is in the mid 5% range.

By Brian K. Miller | Updated on November 20, 2005

SEATTLE-Locally based hotelier Paramount has refinanced three Washington properties with a $27.5-million loan arranged by Los Angeles-based Sonnenblick-Eichner Co. The properties are the Roosevelt and the Coast Gateway hotel located in Seattle, and the Coast Wenatchee Center Hotel in Wenatchee. The three properties contain a total of 443 guest rooms.

“Consistent with the predominance of our client’s locking in long-term rates, the ownership of this portfolio paid off Libor-based financing in favor of a 10-year fixed rate deal,” says Sonnenblick-Eichner principal Elliot Eichner. The cross-collateralized loan has a 30-year amortization schedule and a fixed interest rate in the mid 5% range.

The majority of the collateral for the transaction is the 151-room Roosevelt Hotel, which is located in the one block from the Washington State Convention Center in Downtown Seattle. The Gateway property is located adjacent to the Sea-Tac International Airport. The Coast Wenatchee Hotel is the dominant full-service hotel in that city, and is connected to the Wenatchee Convention Center and Performing Arts Theatre by a covered sky bridge.

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