for the Purchase of the Hilton Suites Dallas North
SAN DIEGO, California - - September 11, 2006 - - Neptune Hospitality Advisors announced today that it has arranged the senior acquisition financing for the 258-key all-suites Hilton Suites located in north Dallas at the intersection of Interstate 635 and the Dallas North Tollway. Built in 2003, the 11-story full-service hotel is located adjacent to the Galleria Mall. Neptune arranged the $39 million floating rate interest-only loan through a national commercial real estate lender.
The hotel was acquired by American Property Hospitality Management (“APHM”), an affiliate of American Property Management Corporation (“APMC”). APHM plans an extensive renovation and repositioning of the hotel to a four-and-a-half star Le Meridien, a Starwood brand. The hotel will become the most chic and luxurious hotel in north Dallas. Based in San Diego, APMC was recently ranked as the 5th largest independent hotel management company by Hotel and Motel Management magazine in March 2006 and the 15th largest hotel owner by Hotel Business magazine in September 2005.
“This acquisition marks the second Dallas hotel purchase for APHM in the last three months. In June, APHM bought the Wyndham North Dallas at the Galleria, which is becoming a Sheraton. The Neptune team brought in-depth market knowledge and strong hotel financing skills to deliver financing to both of these transactions that fit our client’s specific needs,” commented Mike Armstrong, President/Principal of Neptune Hospitality Advisors, Inc.
“Our auction process resulted in the highest proceeds at the lowest effective cost of borrowing for APHM while taking into consideration the prepayment flexibility they desired as they commence a comprehensive renovation and up-branding of the property,” added Stan Kozlowski, Principal of Neptune.
Neptune Hospitality Advisors is a real estate investment banking firm dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales, capital raising services, and advisory services to the hospitality industry.
For more information, contact Michael D. Armstrong, at (858) 964-5678 or email email@example.com 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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