Financing of Downtown San Diego Radisson Hotel
DIEGO, California - - March 6, 2006 - - Neptune Hospitality Advisors announced
today that it has arranged the senior financing for the 333-room Radisson
Hotel Harbor View in downtown San Diego, California. Built in 1990,
the 23-story full-service hotel is located in downtown San Diego in the
Marina/Little Italy district. The hotel is managed by American Property
Management Corporation. APMC plans a comprehensive renovation of
the hotel. Neptune arranged the $25.0 million five-year fixed rate
loan through a national commercial real estate lender.
“Our unique auction style process resulted in the highest proceeds at the lowest effective cost of borrowing,” commented Stan Kozlowski, Vice President of Neptune Hospitality Advisors. “Historically speaking, even though current pressure has been and is clearly towards rising interest rates, financing can still be obtained at very attractive levels. Interest rate spreads remain at all-time lows,” added 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 15th largest hotel owner by Hotel Business magazine in September 2005. 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 real estate investment bank dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales, capital raising services, and advisory services to the hospitality industry. Its principals have over $4 billion of real estate and finance experience collectively.
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 Re-financing of Hilton Garden Inn Tampa North / March 2006|
|Neptune Hospitality Advisors Arranges Sale of Radisson Convention Center Hotel in Visalia, California / March 2006|
|Neptune Hospitality Advisors Arranges Acquisition Financing for Purchase of Hilton Salt Lake City Airport / November 2005|
|Neptune Hospitality Advisors Secures $10 million Debt Financing for Purchase and Renovation of 276 room Phoenix, Arizona Hotel / October 2005|
|Neptune Hospitality Advisors Structures $17 million Debt Financing for Purchase of 295-room Doubletree in downtown Albuquerque, New Mexico / October 2005|
|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|