 SAN
DIEGO, California - October 8, 2004 - Michael D. Armstrong, President of
Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged
first mortgage financing for the purchase of the four-year old 148-room
Hilton Garden Inn in Temple Terrace/Tampa, Florida. Located in the
heart of the Tampa Oaks business complex amidst over two million square
feet of office space, the hotel benefits from both its business clientele
as well as it proximity to Busch Gardens and the University of South Florida.
Neptune arranged the $8.8 million three-year floating rate loan through
a Wall Street investment bank.
This transaction marks the third Hilton Garden Inn financing for Neptune Hospitality Advisors in five months. In addition to this transaction, Neptune financed the 110-room Hilton Garden Inn at the Nashville Airport and the 120-room Hilton Garden Inn in Rancho Mirage, California near Palm Springs. All three were financed by Wall Street investment banks and totaled over $25 million in financing. "Combining our strong relationships with the hotel lending community, the institutional nature of these hotels, and the strong track record of the management team, we procured very attractive debt for our client," commented Stan Kozlowski, Vice President of Neptune. The Hilton Garden Inn in Tampa was acquired by American Property Management Corporation ("APMC"). Based in San Diego, APMC was recently ranked as the 10th largest independent hotel management company by Hotel and Motel Management magazine in March 2004 and the 16th largest hotel owner by Hotel Business magazine in September 2004. The Tampa hotel acquisition marked APMC's sixth hotel acquisition this year.
For more information, contact Michael Armstrong at (858) 964-5678 or email [email protected] or view the company website at www.neptuneha.com. |
