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financing over the past six months, as the market remains strong NEW YORK, August 23, 2005 � HREC Investment Advisors, a leading international hotel brokerage and investment banking group specializing in the lodging industry, arranged $13 million in debt financing for The Stanley Hotel, known internationally for its architecture, magnificent setting and its inspirational role in Stephen King's novel "The Shining." King wrote the most of the famous novel while staying at the hotel. The financing came from Column Financial, a subsidiary of Credit Suisse First Boston. HREC IA facilitated the transaction among Grand Heritage, a new partner, Winston Hotels, and Urdang Securities. Geoff Davis, HREC IA�s President and head of its New York office, said the transaction was challenging due to the resort�s location, the historic nature of the asset and seasonality factors � challenges all overcome by excellent sponsorship, the asset�s strong cash flow, excellent management and recent improvements at the hotel. Davis said, �We are pleased to have been involved
in this transaction, which brought together a truly unique asset and a
strong team to effectuate a �win-win� for all parties involved.� He concluded,
�Having arranged more than $100 million in hotel debt financing in the
past six months alone, we anticipate the hotel debt market to remain strong
as long as hotel performance continues to improve and interest rate increases
remain at reasonable levels.�
. Famous for its old world charm, The Stanley Hotel is a historic properties less than an hour from Denver that boasts spectacular views in every direction and is less than six miles away from Rocky Mountain National Park. The property�s multi-million dollar renovations have restored this 138-guestroom hotel to its original grandeur. The Stanley offers over 16,000 square feet of unique meeting and event space equipped with modern day amenities, a spa and two fine dining restaurants. About HREC Investment Advisors HREC Investment Advisors is a leading international hotel brokerage and investment banking firm that specializes in the lodging industry, with offices in Denver, CO; Chicago, IL; Tampa, FL and New York, NY. The company has arranged hospitality transactions ranging in size from $1 million to $200 million, including limited service hotels, mixed-use resorts, development projects and full service hotel properties. HREC IA has several decades of experience in the lodging sector, and a reputation for implementing a coordinated sales process that maximizes value and expedites the timeline for transactions - utilizing unique resources such as cutting-edge direct marketing, databased e-marketing and deal tracking to benefit HREC Investment Advisors clients. Areas of activity for HREC Investment Advisors include hotel finance, structured finance, equity placements and hotel sales. |