of Downtown San Diego Hotel
|SAN DIEGO, California - June 16, 2005 - Michael D. Armstrong, President
of Neptune Hospitality Advisors, Inc., is pleased to announce his firm
arranged the sale of the Hotel Prava in the Gaslamp Quarter of downtown
San Diego, California. The 59-room, full-service all-suite hotel,
sold to Fairfield Resorts, a Cendant company. Fairfield plans to
convert the boutique hotel into a timeshare property. The sale price
was not disclosed.
The hotel was sold by a partnership led by American Property Management Corporation, the 7th largest independent hotel management company in the U.S. “This sale represents another successfully structured transaction for Neptune Hospitality Advisors. San Diego continues to be one of the strongest hotel markets in the country, and because of the strength of the market, San Diego hotels are fetching some of the highest prices in the country,” commented Mr. Armstrong.
Neptune Hospitality Advisors is an international real estate firm dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and a sophisticated approach to providing investment sales and financing services to the hospitality industry.
The Aventine Building
8910 University Center Lane
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
|Also See:||Neptune Hospitality Advisors to 'Market for Sale' the Radisson Riverfront and the Radisson City Center Hotels in Saint Paul / June 2005|
|Neptune Hospitality Advisors Arranges $37 million Financing for Creative Hotel Associates Portfolio Recapitalization / March 2005|
|Neptune Hospitality Advisors Arranges Financing for Purchase of Austin, Texas Hotel / November 2004|
|Neptune Hospitality Advisors Arranges Sale of Albuquerque Hotel / October 2004|
|Neptune Hospitality Advisors Arranges Financing for Purchase of Tampa-area Hotel / October 2004|
|Neptune Hospitality Advisors Arranges Refinancing of Unizan Plaza Office Building in Downtown Canton, Ohio / September 2004|
|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|