for Purchase of 295-room Doubletree in Downtown
Albuquerque, New Mexico
SAN DIEGO, California -October 5, 2005 - Michael D. Armstrong, President of Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged the senior and mezzanine financing for the acquisition of the 295-room Doubletree located in downtown Albuquerque, New Mexico. Neptune procured a $13.9 million three-year floating rate loan through a Wall Street investment bank and a $3.0 million coterminous mezzanine loan through a national hybrid real estate investment trust. American Property Management Corp. acquired the hotel.
The 16-story Doubletree offers 295 guestrooms and is the only hotel connected via underground tunnel to the 167,000 square foot Albuquerque Convention Center. The hotel is situated in the heart of Downtown Albuquerque on 2.00 acres of land and will undergo an approximate $5.5 million renovation and will remain a Doubletree hotel.
“We continue to actively structure non-recourse capital solutions for our clients based on their deal specific and investment needs,” commented Stan Kozlowski, Vice President of Neptune Hospitality Advisors. “Our process ensures that our clients achieve the lowest cost of capital possible while matching their investment objectives with appropriate deal terms such as prepayment flexibility, interest rate exposure and other considerations. Most importantly, we close quickly for our clients.”
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 14th 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.
Neptune Hospitality Advisors is an international real estate firm dedicated to the hotel industry that specializes in capital advisory and investment sales. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach in providing their real estate and financing services to the hospitality industry.
For more information, contact Michael Armstrong at (858) 964-5678 or email firstname.lastname@example.org or view the company website at www.neptuneha.com.
The Aventine Building
8910 University Center Lane
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
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