for Purchase of Austin, Texas Hotel
|SAN DIEGO, California - November 17, 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 293-room Hilton
Northwest in Austin, Texas. Neptune arranged the $4.0 million five-year
floating rate loan at Prime plus 100 basis points. The new
owner is planning a significant renovation and will reposition the hotel
with another major brand.
The hotel was acquired by American Property Management Corporation and Allegiance Realty 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.
Allegiance Realty Corporation is a private commercial real estate investment company headquartered in Charlotte, North Carolina. Allegiance primarily invests in office buildings and hotels. Currently, Allegiance is invested in and manages 1.7 million square feet of office space and over 1,500 hotel rooms valued in excess of $200 million.
Neptune Hospitality Advisors is a national real estate firm dedicated to the hotel industry that specializes in capital advisory and investment sales. We pride ourselves on our boutique client-focused culture and institutional results. Neptune has completed over $175 million in hospitality transactions in the past twelve months.
The Aventine Building
8910 University Center Lane
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
|Also See:||Neptune Hospitality Advisors Arranges Sale of Albuquerque Hotel / October 2004|
|Neptune Hospitality Advisors Arranges Financing for Purchase of Tampa-area Hotel / October 2004|
|Neptune Hospitality Advisors Arranges Refinancing of Unizan Plaza Office Building in Downtown Canton, Ohio / September 2004|
|Neptune Hospitality Advisors Arranges Financing for Purchase of Palm Springs Area Hotel / September 2004|
|Neptune Hospitality Advisors Arranges Acquisition Financing of Nashville Hotel / June 2004|
|Neptune Hospitality Advisors Represents Purchaser and Arranges Acquisition and Renovation Financing of Albuquerque Hotel / March 2004|