 SAN
DIEGO, California - July 19, 2005 - Michael D. Armstrong, President of
Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged
the structured financing for the acquisition of the historic 322-room Sheraton
Gunter Hotel in downtown San Antonio, Texas. Neptune structured the
$30.5 million three-year floating rate loan as a $24.5 million senior loan
through a Wall Street investment bank and a $5.6 million mezzanine loan
through a hotel REIT.
The Sheraton Gunter Hotel is a historic landmark hotel built in 1909 that will benefit from a comprehensive $5 million renovation upon purchase. “There continues to be an abundance of debt capital chasing hotel deals,” remarked Stan Kozlowski, VP of Neptune. “We are finding multiple lenders offering financing on all our deals which is leading to very aggressive terms and pricing for our borrowers,” added Kozlowski. The hotel was acquired by American Property Management Corporation. Based in San Diego, APMC was recently ranked as the 7th largest independent hotel management company by Hotel and Motel Management magazine in March 2005 and the 16th largest hotel owner by Hotel Business magazine in September 2004. This purchase represents APMC’s 12th hotel acquisition in the last year. Michael Gallegos, President and CEO of APMC, was recently honored as Ernst & Young’s 2004 National Entrepreneur of the Year in the real estate industry.
For more information, contact Michael Armstrong at (858) 964-5678 or email mike@neptuneha.com or view the company website at www.neptuneha.com. |
