 SAN
DIEGO, California - -October 15, 2004 - Michael D. Armstrong, President
of Neptune Hospitality Advisors, Inc., is pleased to announce his firm
arranged the sale of the Best Western Inn at Rio Rancho in Rio Rancho/Albuquerque,
New Mexico. The 118-room, full-service hotel, located adjacent to
Intel's largest manufacturing plant, a $3 billion facility, sold to a New
Mexico-based owner/operator. The buyer plans to spend $1.5 million
in upgrades and will continue to operate the hotel as a Best Western.
The hotel was sold through a receiver on behalf of GMACCM, the special servicer for the lender. This sale represents the third Albuquerque hotel transaction for Neptune Hospitality Advisors in the last 10 months. "Given our recent transaction experience in Albuquerque and sales history throughout New Mexico, we were able to quickly access motivated buyers which ultimately led to a successful sale," commented Mr. Armstrong.
For more information, contact Michael Armstrong at (858) 964-5678 or email mike@neptuneha.com or view the company website at www.neptuneha.com. |
