for Purchase and Renovation of 276 room Phoenix, Arizona Hotel
DIEGO, California - October 7, 2005 - Michael D. Armstrong, President of
Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged
the senior financing for the acquisition of the 276-room Sunshine Hotel
and Suites located in Phoenix, Arizona. Neptune procured a $10.3
million five-year floating rate loan through national commercial finance
company. Hansji Hotels, an Orange County based hotel owner, operator
and developer acquired the hotel.
The Sunshine Hotel & Resort is located in the Financial District opposite one mile from downtown and six miles from Sky Harbor International Airport. The hotel will be completely renovated including all guestrooms and public space and converted into a Holiday Inn. A separate 10-story tower on the property will provide further redevelopment opportunities beyond the Holiday Inn conversion. “We see a tremendous opportunity to fully renovate the property and help bring new life to the Midtown Financial District of Phoenix,” said Sajan Hansji, Principal of Hansji Hotels.
“We are able to source compelling loans for opportunistic hoteliers,” commented Stan Kozlowski, Vice President of Neptune Hospitality Advisors. “Our principals’ backgrounds combine Wall Street investment banking, hotel acquisitions, hotel brokerage, real estate financing, hotel operations and hotel appraisal experience cohesively. In turn, we are able to become an integral part of the transaction process, providing useful insight, deal structuring and other advice throughout a transaction. This is especially important in opportunistic hotel deals that require a high level of operational knowledge, market insight and financial structuring.”
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.
Hansji Hotels (www.hansjihotels.com) is a rapidly growing company that operates over 1,000 rooms in California and Arizona and currently has another 500 rooms in the development pipeline.
The Aventine Building
8910 University Center Lane
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
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|Neptune Hospitality Advisors Arranges Sale of Downtown San Diego Hotel / June 2005|
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|Neptune Hospitality Advisors Arranges Financing for Purchase of Austin, Texas Hotel / November 2004|
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|Neptune Hospitality Advisors Arranges Financing for Purchase of Tampa-area Hotel / October 2004|
|Neptune Hospitality Advisors Arranges Refinancing of Unizan Plaza Office Building in Downtown Canton, Ohio / September 2004|
|Neptune Hospitality Advisors Arranges Financing for Purchase of Palm Springs Area Hotel / September 2004|
|Neptune Hospitality Advisors Arranges Acquisition Financing of Nashville Hotel / June 2004|
|Neptune Hospitality Advisors Represents Purchaser and Arranges Acquisition and Renovation Financing of Albuquerque Hotel / March 2004|