OWNERS OF KEA LANI HOTEL SUITES & VILLAS OBTAIN $90 MILLION FINANCING

Source: Sonnenblick-Goldman Company

August 11, 1999
New York, NY -- Sonnenblick-Goldman Company, acting as the exclusive advisor to Trinity Investment Trust, L.L.C., Apollo Real Estate Advisors, and Whitehall Street Real Estate Limited Partnership IX, has arranged a $90,000,000 financing of the Kea Lani Hotel Suites & Villas in Wailea, Maui, Hawaii.

The Kea Lani occupies a prime beachfront location in the master planned destination development of Wailea on the southwest shore of Maui. Rated as one of the top five resorts in the Pacific by Conde Nast Traveler magazine, the Kea Lani offers its guests a true luxury tropical experience in twelve open-air Mediterranean-style buildings, ranging from two to seven stories. Completed in 1991, the 450-suite hotel, which includes 37 two and three bedroom villas, features four restaurants, three cocktail lounges, three outdoor lagoon-style swimming pools, approximately 34,100 square feet of meeting space and a full services spa and fitness center.

“The Kea Lani was attractive to the lending community because of its strong and growing cash flow and the overall quality of the asset,” said Arthur Adler, Managing Director of Sonnenblick-Goldman Company’s Lodging and Leisure Group. “This financing is indicative of the strength of the luxury resort market in Maui, as well as the successful repositioning of many Hawaiian resorts towards the North American market due to the softness of the Asian market,” Adler commented.

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, Los Angeles, Miami, San Francisco, Singapore, and Washington, D.C. In 1998, Sonnenblick-Goldman Company completed major commercial real estate transactions with a gross value over $8 billion.