| HORSHAM, Pa., Aug. 16, 2000 - GMAC Commercial
Mortgage�s (GMACCM) Hospitality Division has arranged $32.7 million in
financing six hotel properties in five states.
Two of the hotels are located in Texas and one each in Ohio, Florida,
Michigan and Maryland. The properties include:
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Westin Great Southern Hotel, Columbus, Ohio �
First Hotel Assoc., LP & FH received $12 million floating-rate financing
originated by the GMACCM Philadelphia office and funded by the company�s
Hospitality Division in Washington, D.C. The building has 182,644
square feet situated on .82 acres. The Victorian style hotel is a
national historic landmark located in the heart of downtown. It contains
196 rooms/suites and an average occupancy rate of 72 percent. Amenities
include a Grand ballroom, meeting space and a health and fitness center.
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Towne Place Suites, Clearwater, Florida �
RDA Development Co., LLC received $5.5 million fixed-rate permanent financing
with a 25-year amortization. Built in 1999, the 95-unit extended
stay facility is situated on 3.10 acres.
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Courtyard by Marriott, San Antonio, Texas �
San-Court, LLC received $4.4 million fixed-rate financing with a 25-year
amortization. The building has 41,628 square-feet situated on 1.61
acres. The four-story hotel contains 78 units with an 83 percent
average occupancy rate. Amenities include an indoor pool, meeting
room, and exercise room and breakfast area.
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Courtyard by Marriott, Benton Harbor, Michigan
� BenCourt, LLC received $3.8 million fixed-rate financing with
a 25-year amortization. The building has 90,000 square feet situated
on 3.58 acres. The two-story hotel contains 98 units with a 76 percent
average occupancy rate. Amenities include an indoor/outdoor pool,
exercise room and breakfast area.
-
Fairfield Inn, San Antonio, Texas �
San AnAir, LLC received $3.7 million fixed-rate financing with a 25-year
amortization. The building has 53,961 square-feet situated on 1.63
acres. The five-story hotel, located at the San Antonio International
Airport, contains 120 rooms with a 72 percent average occupancy rate.
Amenities include an indoor pool, exercise room and breakfast area.
-
BWI Microtel Inn & Suites, Linthicum, Maryland
- BWI Linthicum Assoc., LP received $3.3 million fixed-rate financing with
a 25-year amortization. The property is located near the Baltimore-Washington
International Airport. The building has 40,000 square feet and is
situated on 2.52 acres. The three-story limited service hotel contains
110 rooms with a 75 percent average occupancy rate. Amenities include
a fitness room and breakfast area.
TownePlace Suites Obtains Fixed-rate
Permanent Financing from GMAC
 8/15/2000
- GMAC Commercial Mortgage has provided $5.2 million in financing for an
extended stay hotel in Vermont.
Williston Inn Group, LLC received fixed-rate permanent financing with
a 25-year amortization for the TownePlace Suites, located at 66 Zephyr
Road in Williston, Vermont. The hotel opened two buildings in April and
May 1999. It has 95 units, an indoor swimming pool, exercise room, and
guest laundry, housed in two, three-story interior corridor buildings.
TownePlace Suites has an average room rate of $68.80 and an average occupancy
of 81.3 percent. The building contains a total of 55,363 square-feet and
sits on a 2.45-acre lot. |
GMAC Commercial Mortgage, based in Horsham, is a wholly-owned subsidiary
of GMAC Commercial Holding Corp. It is the nation�s leading one-stop
financial resource for the commercial real estate industry. The diverse
lending, servicing and securitization specialist has more than 50 offices
nationwide and operations in Canada, Japan, Ireland and France. GMACCM
has a servicing portfolio of over $81 billion, and provides a variety of
financing products and services including permanent, interim, and construction
financing, with specialized lending units focused on healthcare and hospitality
as well as e-commerce offerings through the Internet. It is also
the nation�s largest Fannie Mae and Freddie Mac servicer. |
