Hotel Online  .Special Report

$50.5 Million In Permanent Hotel Financing
Arranged By HREC Investment Advisors
-
Denver, CO - February 24, 2002 - HREC Investment Advisorssm has arranged $50.5 million of permanent debt financing for the 720-room, five property Gulph Creek Hotels� portfolio. Gulph Creek Hotels is based in Wayne, Pennsylvania (outside of Philadelphia).

The Gulph Creek Hotels portfolio consists of three Hampton Inns, a Hampton Inn & Suites and a Homewood Suites located in the Philadelphia metro area. The hotels have all been built in the last five years and have been upgraded with upscale FF&E to accommodate the area�s strong corporate markets.

�This was a complex transaction, as specific contract business and cross-collateralization issues made for a challenging underwriting process. However, in the end Gulph Creek, the lender and HREC Investment Advisors were able to implement creative solutions that lead to a successful result� according to Geoff Davis, president, HREC Investment Advisors.

Said Clarke Blynn with Gulph Creek, �We are very happy with the end result, we now have long-term financing with built-in flexibility on term and exit provisions. We were able to accomplish our goal of establishing a sound financial base for the portfolio, while not being locked into a conduit facility. And as such, I think the lender and HREC Investment Advisors did a great job for us.�

HREC Investment Advisors is the real estate brokerage and investment banking arm of Hospitality Real Estate Counselors (�HREC�), one of the nation�s leading advisors to the lodging industry. Based in Denver, Colorado, HREC maintains an international practice specializing in hotel brokerage, debt financing, equity placements, consulting and asset management. (www.hrec.com)


 
Geoffrey Davis, President 
HREC Investment Advisors 
[email protected]

6444 South Quebec Street, Suite 212
Englewood, CO 80111
(303) 267-0057
Fax: (303) 267-0105
www.hrec.com



 
Also See Industry Vets Geoff Davis and Mike Cahill form New Hotel Brokerage and Investment Banking Firm, HREC Investment Advisors sm / November 2002
Mark Tobin and Mike Cahill form HREC Asset Managementsm In Association with Hospitality Real Estate Counselors, Inc.® / Aug 2002
Hospitality Real Estate Counselors and Conventions, Sports & Leisure Form Strategic Alliance / Mar 2001


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