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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. 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 |