of Albuquerque Hotel
SAN DIEGO, California - -October 15, 2004 - Michael D. Armstrong, President of Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged the sale of the Best Western Inn at Rio Rancho in Rio Rancho/Albuquerque, New Mexico. The 118-room, full-service hotel, located adjacent to Intel's largest manufacturing plant, a $3 billion facility, sold to a New Mexico-based owner/operator. The buyer plans to spend $1.5 million in upgrades and will continue to operate the hotel as a Best Western.
The hotel was sold through a receiver on behalf of GMACCM, the special servicer for the lender. This sale represents the third Albuquerque hotel transaction for Neptune Hospitality Advisors in the last 10 months. "Given our recent transaction experience in Albuquerque and sales history throughout New Mexico, we were able to quickly access motivated buyers which ultimately led to a successful sale," commented Mr. Armstrong.
Neptune Hospitality Advisors, founded in 2001, is a national real estate firm exclusively dedicated to the hotel industry with offices in San Diego, Dallas, Boston, and Honolulu. Neptune specializes in hotel brokerage, debt and equity financing, and real estate and development advisory services.
The Aventine Building
8910 University Center Lane
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
|Also See:||Neptune Hospitality Advisors Arranges Financing for Purchase of Tampa-area Hotel / October 2004|
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|Neptune Hospitality Advisors Arranges Financing for Purchase of Palm Springs Area Hotel / September 2004|
|Neptune Hospitality Advisors Arranges Acquisition Financing of Nashville Hotel / June 2004|
|Neptune Hospitality Advisors Represents Purchaser and Arranges Acquisition and Renovation Financing of Albuquerque Hotel / March 2004|