LAFAYETTE AND BODEGA BAY, CALIF. — Sonnenblick-Eichner Co. has arranged $26.7 million in non-cross collateralized, fixed-rate, first-mortgage financing for Woodside Hotel Group. The transaction will refinance debt on two hotels — Lafayette Park Hotel & Spa and The Lodge at Bodega Bay — in Northern California.
The $15 million loan on Lafayette Park Hotel retired an existing life insurance company loan and provided for more than $4 million of capital to renovate guest rooms. The proceeds from the $11.7 million loan for The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity. A life insurance company provided both of the long-term, 10-year, fixed-rate, nonrecourse loans.
Located in Lafayette, Lafayette Park Hotel & Spa is a full-service hotel with 138 guest rooms. The Lodge at Bodega Bay in Bodega Bay features 83 guest rooms; Drakes Sonoma Coast, a fine dining restaurant; Fireside Lounge, a 6,285-square-foot indoor and outdoor meeting space; and Sonoma Coast Spa and Fitness Center.
Woodside Hotel Group owns and operates both properties as part of the Woodside Collection.