New York - based Sonnenblick-Goldman Co., on behalf of VEF Advisors, has arranged for the refinancing of The Austin Marriott at the Capitol.

The hotel is managed by Bethesda, Md.-based Marriott International Inc (NYSE:MAR) and is managed by Hotel Asset Value Enhancement, LLC, also known as hotelAVE.

The 365-room Marriott Austin at the Capitol has more than 17,250 square feet of meeting space and is the closest hotel to the University of Texas and the state capitol building.

According to Mark Owens, a senior associate with Sonnenblick-Goldman, the hotel's location, "coupled with strengthening market fundamentals, enabled out client to achieve their objectives. Interest was strong and resulted in aggressive proposals from multiple lenders"

The names of the lenders were not released

The VEF Advisors' Value Enhancement Funds are a series of commingled funds focused on value-added real estate investment in the United States. The fund series was founded in 1992, and has invested more than $3 billion in real estate on behalf of domestic and international clients across five seperate funds.

hotelAVE asset-manages more than $1 billion in hotel real estate, including 10 full-service hotels and two mezzanine portfolios totaling 16,000 rooms.