and Residence Inn in San Antonio, Texas
Miami, Florida -- July 21, 2008 - Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm, is pleased to announce the placement of a $28,050,000 construction loan for the development of a Courtyard and a Residence Inn in San Antonio, Texas.
The hotels will be located in the NE Quadrant of Interstate 10 and 1604 loop, in the La Cantera neighborhood of San Antonio, Texas.
The site is adjacent to the RIM, an 800-acre mixed-use development currently in its final stage of completion. The RIM provides firstclass shopping, dining and entertainment through various merchandisers, specialty retailers, and restaurants. The complex also offers office and residential facilities.
The Courtyard will include 120 rooms and will be adjacent to the 140-key Residence Inn. The hotels will be constructed simultaneously on a split parcel, with construction to commence in July 2008. Both of the properties are being developed and will be operated by Concord Hospitality based in Raleigh, North Carolina.
“The ability to secure construction/mini perm
loans in today’s challenging lending environment is a tribute to the strength
of the sponsorship, the brands and the location of these hotels”, noted
Boaz Ashbel, Aztec’s Managing Director, who along with Jason Shapiro, placed
Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.
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