| SAN DIEGO, California - June 23,
2004 - Michael D. Armstrong, President of Neptune Hospitality Advisors,
Inc., is pleased to announce his firm arranged first mortgage financing
for the purchase of the two-year old 110-room Hilton Garden Inn Nashville
located minutes away from the Music City’s International Airport.
Neptune arranged the $6.7 million three-year floating rate loan through
a national investment bank.
“Given the current abundance and |
Hilton Garden Inn Nashville |
availability of secured financing in the hotel sector at historically compelling
interest rate and spread levels, coupled with strong sponsorship and a
high quality asset, we were successful in creating a highly competitive
auction for the financing opportunity. As a result, we negotiated
a very favorable loan including increased loan proceeds, a tighter interest
rate spread and an overall lower effective cost of borrowing for our client,”
commented Stan Kozlowski, vice president of Neptune who structured the
financing.
The buyer, American Property Management Corporation, purchased the hotel
from ShoLodge. Based in San Diego, APMC was recently ranked as the
10th largest independent hotel management company by Hotel and Motel Management
magazine in March 2004.
 Neptune
Hospitality Advisors, founded in 2001, is a national real estate firm exclusively
dedicated to the hotel industry with offices in San Diego, Dallas, Boston,
and Honolulu. Neptune specializes in hotel brokerage, debt and equity
financing, and development advisory services.
For more information, contact Michael Armstrong at (858) 964-5678 or
email mike@neptuneha.com or view
the company website at www.neptuneha.com. |