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