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for Purchase of Austin, Texas Hotel |
SAN DIEGO, California - November 17, 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 293-room Hilton
Northwest in Austin, Texas. Neptune arranged the $4.0 million five-year
floating rate loan at Prime plus 100 basis points. The new
owner is planning a significant renovation and will reposition the hotel
with another major brand.
The hotel was acquired by American Property Management Corporation and Allegiance Realty Corporation. 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. Allegiance Realty Corporation is a private commercial real estate investment company headquartered in Charlotte, North Carolina. Allegiance primarily invests in office buildings and hotels. Currently, Allegiance is invested in and manages 1.7 million square feet of office space and over 1,500 hotel rooms valued in excess of $200 million. Neptune Hospitality Advisors is a national real estate firm dedicated to the hotel industry that specializes in capital advisory and investment sales. We pride ourselves on our boutique client-focused culture and institutional results. Neptune has completed over $175 million in hospitality transactions in the past twelve months. For more information, contact Michael Armstrong at (858) 964-5678 or email [email protected] or view the company website at www.neptuneha.com. |
Contact
The Aventine Building 8910 University Center Lane Suite 500 San Diego, CA 92122 P. (858) 964-5678 F. (858) 964-5679 www.neptuneha.com |