Neptune Hospitality Advisors Orchestrates $40mil Financing of San Antonio Sheraton
SAN DIEGO, CA, July 5, 2007 - Neptune Hospitality Advisors today announced it arranged senior financing for the 322-room Sheraton Gunter Hotel in San Antonio, Texas. Neptune arranged the $40.0 million five-year interest-only fixed-rate loan through an international investment bank.
First opened in 1909, the Sheraton Gunter Hotel is located in the heart of San Antonio, just minutes from the Riverwalk and the historic Alamo. Following the completion of a recent $6 million renovation, the Sheraton Gunter was awarded the AAA Four Diamond rating.
"Our client needed to replace a floating-rate first mortgage and mezzanine loan with a lower fixed-rate loan, which we did, thereby unlocking considerable value created since their acquisition of the hotel two years ago," said Mike Armstrong, Neptune's president. "We accomplished this through a cash-out refinance, and with the new loan we were able to reduce their annual mortgage payment significantly."
The hotel is owned by a partnership led by American Property Management Corporation ("APMC"). Based in San Diego, APMC was ranked as the 8th largest hotel management company in the April 2006 issue of Hotel Business magazine and the 5th largest independent third-party hotel management company in the June 2006 issue of Hotel and Motel Management magazine. With a portfolio value of over $1.6 billion, APMC currently owns and operates 45 lodging properties encompassing over 13,500 rooms and employs over 5,500 personnel throughout the United States.
Founded in 2001, Neptune Hospitality Advisors is a real estate capital advisory firm dedicated to the hotel industry. Headquartered in San Diego, and with an office in Austin, Texas, Neptune provides a full spectrum of capital advisory services including mortgage brokerage, joint venture capital raising, property sales and asset advisory services to the hospitality industry. Working with a wide variety of hotel owners, investors and capital sources, Neptune has completed hotel and resort transactions across the United States and Mexico.
For more information, contact Michael D. Armstrong at mike@neptuneha.com or visit the company website at www.neptuneha.com.
Neptune Hospitality Advisors, Inc.
The Aventine Building
8910 University Center Lane, Suite 420
San Diego, CA 92122
P. (858) 964-5670
F. (858) 964-5679
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