Purchase of Historic Sheraton Gunter Hotel
in Downtown San Antonio
SAN DIEGO, California - July 19, 2005 - Michael D. Armstrong, President of Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged the structured financing for the acquisition of the historic 322-room Sheraton Gunter Hotel in downtown San Antonio, Texas. Neptune structured the $30.5 million three-year floating rate loan as a $24.5 million senior loan through a Wall Street investment bank and a $5.6 million mezzanine loan through a hotel REIT.
The Sheraton Gunter Hotel is a historic landmark hotel built in 1909 that will benefit from a comprehensive $5 million renovation upon purchase.
“There continues to be an abundance of debt capital chasing hotel deals,” remarked Stan Kozlowski, VP of Neptune. “We are finding multiple lenders offering financing on all our deals which is leading to very aggressive terms and pricing for our borrowers,” added Kozlowski.
The hotel was acquired by American Property Management Corporation. Based in San Diego, APMC was recently ranked as the 7th largest independent hotel management company by Hotel and Motel Management magazine in March 2005 and the 16th largest hotel owner by Hotel Business magazine in September 2004. This purchase represents APMC’s 12th hotel acquisition in the last year. Michael Gallegos, President and CEO of APMC, was recently honored as Ernst & Young’s 2004 National Entrepreneur of the Year in the real estate industry.
Neptune Hospitality Advisors is a national real estate firm dedicated to the hotel industry that specializes in capital advisory and investment sales. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and 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 Arranges Sale of Downtown San Diego Hotel / June 2005|
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|Neptune Hospitality Advisors Arranges Financing for Purchase of Austin, Texas Hotel / November 2004|
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|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|