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for Purchase of Palm Springs Area Hotel |
The hotel was acquired by American Property Management Corporation. 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 and the 16th largest hotel owner by Hotel Business magazine in September 2004. �This transaction is particularly noteworthy for borrowers as our implied interest rate on the implied mezzanine or junior tranche of the loan, from seventy to eighty percent of the overall capital structure, was at a low level that we have not yet seen from our other lending sources. On the surface, this would imply that the mezzanine market continues to be even more competitively priced as new entrants buoy the supply of capital to the sector and existing, traditionally senior lenders push loan-to-cost percentages past seventy percent, in turn driving overall mezzanine and implied mezzanine spreads down,� added Gavin Davis, Director of Corporate Finance for Neptune. 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 [email protected] or view the company website at www.neptuneha.com. |
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Contact
The Aventine Building 8910 University Center Lane Suite 500 San Diego, CA 92122 P. (858) 964-5678 F. (858) 964-5679 www.neptuneha.com |