 SAN
DIEGO � August 5, 2008 � Neptune Hospitality Advisors today announced it
arranged the senior financing for the 276-room former Wyndham located at
the Albuquerque International Airport. Neptune procured a $23.24
million, five-year floating rate, interest-only loan through a commercial
real estate finance company. Upon completion of a $7,500,000 renovation,
the property will be converted to a Sheraton hotel.
�Our client needed to replace a short-term bridge loan that had been used to acquire the property 18 months ago,� said Mike Armstrong, Neptune�s president. �The new financing will give our client additional capital to complete a renovation and bring the hotel up to Sheraton brand standards,� commented Armstrong. �Although still a challenging financing environment, we successfully obtained multiple debt quotes for our client to choose from, despite underwriting hurdles including a ground lease as well as needing repositioning and a flag,� commented Jason Clouet, Neptune managing director. The hotel is owned by APHM, an affiliate of American Property Management Corporation (�APMC�). APMC is an opportunistic-focused lodging company based in San Diego, California. 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. |