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.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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