Arizona Hotel Gets $33.5 Million First Mortgage
The Sonnenblick-Goldman Co. has arranged a $33.5 million first mortgage for Arizona’s Scottsdale Marriott at McDowell Mountains. An unnamed domestic investment bank provided the fixed-rate mortgage, which was arranged for Walton Street Capital.
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The 270-key Scottsdale Marriott was developed in 1999 and features upscale food and beverage outlets along with a variety of flexible meeting rooms. Built on 10 landscaped acres, the hotel overlooks the Tournament Players Club Desert Course of Scottsdale.
"The transaction received a significant amount of interest from the international lending community, which is reflective of the capital markets’ continued strong interest in the lodging industry. The high level of lender interest created a very competitive marketing process, which enabled us to structure an extremely attractive transaction for the borrower," says Mark Gordon, Sonnenblick-Goldman managing director and principal.
According to Sonnenblick, the Scottsdale Marriott at McDowell Mountains is the leading all-suite hotel in the marketplace. The hotel is also located near several major corporate and leisure demand generators. Also, continuing development projects in the greater Phoenix area, such as the $600 million expansion of the Phoenix Civic Plaza Convention Center, continue to support growth in the area.
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