| SAN DIEGO, California - June 16, 2005 - Michael D. Armstrong, President
of Neptune Hospitality Advisors, Inc., is pleased to announce his firm
arranged the sale of the Hotel Prava in the Gaslamp Quarter of downtown
San Diego, California. The 59-room, full-service all-suite hotel,
sold to Fairfield Resorts, a Cendant company. Fairfield plans to
convert the boutique hotel into a timeshare property. The sale price
was not disclosed.
The hotel was sold by a partnership led by American Property Management Corporation, the 7th largest independent hotel management company in the U.S. “This sale represents another successfully structured transaction for Neptune Hospitality Advisors. San Diego continues to be one of the strongest hotel markets in the country, and because of the strength of the market, San Diego hotels are fetching some of the highest prices in the country,” 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. |
