BEVERLY HILLS, CA -- (Marketwire) -- 01/15/13 -- Sonnenblick-Eichner Company announced today that it has arranged a $31,500,000 sale of the fee simple interest in a 1.37-acre land parcel at the southeast corner of Sunset Boulevard and Doheny Drive in West Hollywood, California. The property was sold to Marriott International, Inc. The property is fully entitled for the development of a 190-room luxury hotel and residences with ancillary amenities, including restaurants, night club and a rooftop pool and bar. Marriott International has announced that they will be developing their west coast flagship of the EDITION brand hotel at this west Sunset Strip location. EDITION hotels are being developed in Miami Beach, London, and New York as well. The EDITION is Marriott's new luxury brand that was conceived in conjunction with Ian Schrager. The development of the EDITION at this location will offer unobstructed views of Hollywood Hills, the Los Angeles basin and Pacific Ocean from its guestrooms and residential suites.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented: "This site, at the corner of Sunset and Doheny, is arguably the best development site in Los Angeles for a luxury hotel and residences. We had significant interest from other hotel companies' desirous of having a presence in Los Angeles."
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added: "We were initially engaged by the fee owner to arrange for joint venture equity, construction financing, a brand/operator, and a qualified luxury hotel developer to build the project. The final analysis was that the best execution on behalf of the owner was to sell the fully entitled site to Marriott International."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties.
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