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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) |
HREC Investment Advisors [email protected] 6444 South Quebec Street, Suite 212
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