Press Release
May 1, 2001
SAN FRANCISCO, CA -- Prudential Mortgage Capital Company, a business of The Prudential Insurance Company of America,
announced yesterday that it recently originated a $116 million mortgage loan for five Outrigger Enterprises hotels
in Waikiki, Hawaii.
The refinancing is comprised of three loans. The first loan is a $72.3 million loan on the 883-room Outrigger Reef
Hotel on Waikiki Beach. The remaining two loans include $22.95 million for the 439-room OHANA Waikiki Tower Hotel,
and a $20.75 million loan on three smaller hotels in the Waikiki area of Honolulu.
Prudential Mortgage Capital plans to include all three loans in securitizations scheduled for later this year.
The transaction, arranged by Sonnenblick-Goldman Company, Denver, Colo., closed on March 29. The 10-year loans
have a 25-year amortization schedule.
``Outrigger Enterprises' 50-year history of operating hotels in Hawaii--and its proven track record of excellence
in an area that has a limited supply of hotel rooms--makes this an attractive lending opportunity,'' said Frederick
van Overbeek, principal of Prudential. Outrigger, the largest full-service lodging company in Hawaii, owns and
operates 16 hotels and manages 22 hotels/condominiums in Hawaii, Guam, the Marshall Islands, Fiji and Australia
under its two hotel brands--Outrigger Hotels & Resorts and OHANA Hotels of Hawaii.
Sonnenblick-Goldman Company is the industry's leading independent real estate investment banking firm. Founded
in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman Company provides a full range
of real estate financial services including debt and equity placements, joint ventures, investment sales and real
estate advisory services. Headquartered in New York, Sonnenblick-Goldman Company maintains offices in Denver, Hong
Kong, Miami, San Francisco, Tokyo and Washington, D.C.
Prudential Mortgage Capital Company is a national full-service, commercial mortgage finance business, originating
mortgage loans for Fannie Mae and FHA programs, the capital and high-yield markets, Prudential's general account,
and other institutional investors. Prudential Mortgage Capital has a combined servicing portfolio of $32 billion
as of December 31, 2000.
The Prudential Insurance Company of America, with more than $371 billion in assets under management as of December
31, 2000, is one of the largest life insurance companies in the United States and is among the largest financial
services institutions in the world. Prudential serves millions of individual and institutional customers worldwide
and offers a variety of products and services, including life insurance, property and casualty insurance, mutual
funds, annuities, pension and retirement related services and administration, asset management, securities brokerage,
real estate brokerage franchising and relocation services.
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Contact:
The Prudential Insurance Company of America, Newark
Theresa Miller, 973/802-7455