of 316 room Holiday Inn Sea World in San Diego, CA
|SAN DIEGO, California - July 21, 2005 - Michael D. Armstrong,
President of Neptune Hospitality Advisors, Inc., is pleased to announce
his firm arranged the senior financing and sourced the joint-venture equity
partner for the acquisition of the 316-room Holiday Inn Sea World in San
Diego, California. Neptune procured the $30.5 million five-year fixed
rate loan through a commercial real estate finance company. A joint
venture among an affiliate of American Property Management Corp. and affiliates
of Glenmont Capital Management, LLC acquired the hotel and was the borrower.
The Holiday Inn was built in 1982, and offers 316 guestrooms, including 192 suites. The Hotel is situated on 4.34 acres of land and will undergo an immediate $2.3 million renovation and will remain a Holiday Inn.
“As a capital advisor, this transaction is exemplary of Neptune’s breadth of services. An ideal transaction for us is one where we can assist our client in all facets of the capital stack, from sourcing institutional equity to structuring sophisticated financing at below market rates,” commented Gavin Davis, Director of Neptune Hospitality Advisors.
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 13th 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.
Glenmont Capital Management, LLC is a privately held real estate investment management firm based in New York. Glenmont is currently investing on behalf its second discretionary fund, which is composed primarily of private and public institutional investors. The primary focus of its investment activities has been high yielding, small to mid cap domestic real estate and real estate related opportunities, generally requiring $2 million to $10 million of equity capital. Glenmont’s investments are customarily made in joint venture with experienced and proven operating partners and are expected to include all real estate asset classes. Investing on behalf of its second fund, Glenmont anticipates acquiring approximately $500 million in additional real estate assets over the next 36 months.
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 Financing for Purchase of Historic Sheraton Gunter Hotel in Downtown San Antonio / July 2005|
|Neptune Hospitality Advisors Arranges Sale of Downtown San Diego Hotel / June 2005|
|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|