Neptune Arranges Financing of Hotel Zoso in Palm Springs
SAN DIEGO, CA, February 5, 2008. Neptune Hospitality Advisors today announced it arranged the senior financing for the 163-room Hotel Zoso and 63-suites in the adjacent Marquis Villas Resort in downtown Palm Springs, California. Neptune procured a $20.8 million non-recourse, five-year floating rate, interest-only loan through a commercial real estate finance company.
The hotel is owned by APHM, an affiliate of American Property Management Corporation ("APMC"). APMC is an opportunistic-focused lodging company based in San Diego, California. Hotel Business Magazine ranked APMC as the 12th largest hotel owner in the United States (with a portfolio valued at over $2 billion) as listed in the September 2007 issue, and the 5th largest hotel management company as listed in the April 2007 issue. The Company is fast becoming a growing leader in the hospitality industry with 45 hotels and resorts located from coast to coast with over 13,500 rooms and over 5,500 employees, generating over $400 million in annual revenue.
"Our client needed to replace a short-term bridge loan that had been used to acquire the property out of bankruptcy late last year," said Mike Armstrong, Neptune's president. "Our objective was to seek new financing that would not only refinance the old loan, but also give our client additional capital to complete a guest room renovation and add a spa," commented Armstrong. "Although this assignment came during a challenging financing environment, we successfully obtained multiple debt quotes for our client to chose from, even though the property is an un-stabilized, independent resort hotel," commented Jason Clouet, Neptune managing director.
The Hotel Zoso features a modern design and offers a total of 226 oversized guest rooms and suites located on 3.5 acres of prime real estate in the heart of Palm Springs, California. This recently renovated independent resort boasts over 22,000 square feet of meeting space. In addition, the Hotel Zoso offers the sleek and casual "eatZ" restaurant, a backlit onyx bar in the lobby, and a large pool playground.
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.
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