Hotel Online  .Special Report


Neptune Hospitality Advisors Represents Purchaser
and Arranges Acquisition and Renovation Financing
of Albuquerque Hotel
-
 
.SAN DIEGO, California - March 18, 2004 - Michael D. Armstrong, President of Neptune Hospitality Advisors, Inc., is pleased to announce his firm represented Standard American - Amberley, LLC, a joint venture between American Property Management Corporation and Standard Management Company, in their acquisition of the 168-room, limited-service Amberley Suite Hotel in Albuquerque, New Mexico.  The property will undergo a $2.4 million renovation and be converted to a Country Inn & Suites by Carlson.  The seller was G.E. Capital.  The purchase price was undisclosed.

In addition, Neptune arranged the acquisition and renovation financing with a national commercial bank.  The three-year floating-rate loan includes a hold back for hotel renovations.  American Property Management Corporation, the 10th largest independent management company in the country, will manage the operations of the hotel.  Asset management will be provided by Standard Management Company.
The Neptune team of Stanley P. Kozlowski Jr. and Gavin B. Davis sourced the financing and assisted with the acquisition.  This transaction marks the second Albuquerque hotel transaction involving Standard-American and Neptune in the past four months with a third hotel transaction closing in late March in Colorado.

Neptune Hospitality Advisors is a national real estate firm exclusively dedicated to the hotel industry with offices in San Diego, Dallas, Boston, and Honolulu.  Neptune specializes in investment sales, debt and equity financing, capital advisory, and development advisory services.  Neptune has completed over $150,000,000 in hotel sales and financing since its founding in 2001.

For more information, contact Michael Armstrong at (858) 964-5678 or email mike@neptuneha.com or view the company website at www.neptuneha.com.

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Contact

Neptune Hospitality Advisors, Inc.
Michael Armstrong
The Aventine Building 
8910 University Center Lane
Suite 500
San Diego, CA  92122
p. (858) 964-5673
f.  (858) 964-5679
mike@neptuneha.com
www.neptuneha.com


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