LOS ANGELES— Provenance Hotels has obtained $136 million in first mortgage financing for six of its full-service hotels. Sonnenblick-Eichner Co. arranged the financing. The portfolio of six properties, which total 1,144 rooms, includes the Hotel Max in Seattle; Sheraton Tacoma in Tacoma, WA; Hotel Preston in Nashville, TN; and Westin Portland, Hotel Lucia and Hotel deLuxe in Portland, OR. The financing was structured with three 10-year fixed-rate loans priced in the low 100 basis points range over the 10-year treasury and included a significant interest-only component and three floating rate interim LIBOR-based facilities. The interim loans will be used for a renovation of the Sheraton Tacoma and to replace renovation financing for the Hotel deLuxe. A Wall Street investment bank provided all of the loans, which were not cross-collateralized.
