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MONTEREY, CALIF. — San Carlos Associates has received $65 million in first-mortgage debt for the 341-room Marriott Monterey Hotel. The AAA-rated, Four Diamond hotel is located at 350 Calle Principal in downtown Monterey.
Marriott Monterey Hotel sits adjacent to the Monterey Conference Center in the downtown retail district. The 10-story hotel includes about 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars.
A European Money Center bank provided the 10-year, fixed-rate financing, which was underwritten at a debt yield below 10 percent. Sonnenblick-Eichner Co. arranged the financing.