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$30 million Financing of Hotel La Jolla |
SAN
DIEGO � January 21, 2008 � Neptune Hospitality Advisors today announced
it arranged the senior and mezzanine financing for the 108-room Hotel La
Jolla in La Jolla. Neptune procured a $23.1 million three-year floating
rate loan through a Wall Street investment bank and a $7.0 million mezzanine
loan through a hospitality real estate investment trust.
The Hotel La Jolla is located in the heart of La Jolla Shores, San Diego�s most prestigious beach community. At 11 stories, the Hotel La Jolla is one of the tallest buildings in La Jolla. With the new financing in place, the hotel will undergo a $7.0 million renovation that will transform the property into an upscale, modern lifestyle boutique. �Our client needed to replace a bridge loan that had reached the end of its term,� said Mike Armstrong, Neptune�s president. �Our objective was to seek a new financing package that would not only refinance the old loan, but also give our client the additional renovation dollars needed to take the hotel to the next level,� added Armstrong. �Although this assignment came in the midst of the current credit crunch, we successfully obtained multiple non-recourse debt quotes for our client to chose from, even though the property is an un-stabilized, independent hotel,� commented Jason Clouet, Neptune managing director. The hotel is owned by a partnership led by American Property Management Corporation (�APMC�). APMC is an opportunistic-focused lodging company based in San Diego, California. Hotel Business Magazine ranked APMC as the 12th largest hotel owner in the United States (with a portfolio valued at over $2 billion) as listed in the September 2007 issue, and the 5th largest hotel management company as listed in the April 2007 issue. The Company is fast becoming a growing leader in the hospitality industry with 45 hotels and resorts located from coast to coast with over 13,500 rooms and over 5,500 employees, generating over $400 million in annual revenue. Neptune Hospitality Advisors is a real estate capital advisory firm dedicated to the hotel industry. Headquartered in San Diego, and with an office in Austin, Texas, Neptune provides a full spectrum of capital advisory services including mortgage brokerage, joint venture capital raising, property sales and asset advisory services to the hospitality industry. Working with a wide variety of hotel owners, investors and capital sources, Neptune has completed hotel and resort transactions across the United States and Mexico. For more information, contact Michael D. Armstrong at [email protected] or visit the company website at www.neptuneha.com. |
Contact
The Aventine Building 8910 University Center Lane Suite 420 San Diego, CA 92122 P. (858) 964-5678 F. (858) 964-5679 www.neptuneha.com |