Neptune Hospitality Arranges Acquisition Financing for Two Deals
SAN DIEGO, CA, October 19, 2005. Neptune Hospitality Advisors, Inc. recently arranged acquisition financing packages for buyers in two transactions. Earlier this month, Neptune Hospitality arranged $10.3 million in senior financing for Hansji Hotels' purchase of the 276-room Sunshine Hotel and Suites in Phoenix. Neptune Hospitality obtained the five-year, floating rate loan through a national commercial finance company. Hansji Hotels will now completely renovate the property and turn it into a Holiday Inn.
More recently, Neptune Hospitality procured senior and mezzanine financing for American Property Management Corp.'s acquisition of the 295-room Doubletree in Albuquerque, NM. The senior, three-year, floating rate loan was provided by a Wall Street investment bank and totaled $13.9 million. A $3-million coterminous mezzanine loan was provided by a hybrid real estate investment trust.
MeriStar Hospitality sold the 16-story asset, which will now be renovated at a cost of $5.5 million.
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