Sonnenblick arranges Hilton Hotel mortgage - Brief Article

Real Estate Weekly, Jan 21, 2004

Sonnenblick-Goldman Company has arranged a large five-year floating-rate mortgage for the acquisition and renovation of the renowned Beverly Hilton.

The mortgage was arranged on behalf of Oasis West Realty LLC, a company owned by entrepreneur and computer industry pioneer Beny Alagem.

Details of the nine-figure financing, which was provided by Archon Financial, a Goldman Sachs company, were not disclosed.

The Beverly Hilton occupies 8.9-acres at the intersection of Wilshire and Santa Monica Boulevards.

The world-famous hotel was acquired from Merv Griffin, who had purchased the 582-room hotel in 1987 from a partnership of Hilton Hotels Corporation and the Prudential Insurance Company.

Oasis West Realty plans to renovate The Beverly Hilton, which will continue to be known as The Beverly Hilton and will be managed by Hilton Hotels Corp.

"We are delighted to have been given the opportunity to assist Beny Alagem and his talented team in securing financing with the flexible and favorable loan terms consistent with the landmark status of this asset," commented Rob Stiles, managing director and principal of Sonnenblick-Goldman Company, who heads up west coast operations out of San Francisco.

In addition to Mr. Stiles, the transaction team for the Hilton Hotel deal included Constantino Argimon, New York-based capital markets managing director and principal, and Holden Lim, vice president.