Purchase of the Westward Look Resort and Spa in Tucson
DIEGO, CALIFORNIA - - January 5, 2007 - - Neptune Hospitality Advisors,
acting as exclusive financial advisor, has arranged the senior financing
for the purchase of the 244-room Westward Look Resort & Spa in Tucson,
Arizona. Neptune arranged the $30,500,000 floating rate interest-only
loan through a commercial finance company.
Set high in the foothills overlooking Tucson and warmed by an abundance of desert sunshine, Westward Look Resort is a rejuvenating resort environment inspired by the beauty of its pristine natural surroundings. The resort grew around a 1912 homestead estate built just six months after Arizona became a state. In fact, the family living room is just off the lobby and features the original hardwood floor, stone hearth, wrought-iron chandeliers and ocotillo-ribbed ceiling. The entire property has been integrated into the natural surroundings, including nature paths and indigenous plant life throughout the grounds.
The 244 guestrooms are spread throughout the 80 acre property with outside entrances surrounded by the natural environment of the Tucson desert. Property highlights include 16,500 square feet of meeting space, a full service spa, and their signature restaurant, The Gold Room, which holds the AAA Four-Diamond Award and Wine Spectator’s Award of Excellence. Other amenities include tennis courts, fitness center and horseback riding.
The resort was acquired by American Property Hospitality Management (“APHM”), an affiliate of American Property Management Corporation (“APMC”). Based in San Diego, APMC was ranked as the 8th largest hotel management company in the April 2006 issue of Hotel Business magazine and the 5th largest independent third-party hotel management company in the June 2006 issue of Hotel and Motel Management magazine. With a portfolio value of over $1.5 billion, APMC currently owns and operates 45 lodging properties encompassing over 12,000 rooms and employs over 5,500 personnel throughout the United States.
This acquisition marks the second Tucson hotel in APMC’s portfolio. The company owns and manages the Doubletree Reid Park. “We are delighted to own and operate two of Tucson’s premier lodging properties,” commented Michael Gallegos, CHA, President & CEO of APMC. “We plan to enhance the resort with a multi-million dollar renovation to reposition the Westward Look to a four star and four diamond resort.”
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 capital raising services, investments sales and advisory services to the hospitality industry.
For more information, contact Michael D. Armstrong, 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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