Warmbrodt Structures Sale of Park Inn Hotel, Omaha, NE
Assists in Restructure of Tax-Exempt Bond Financing
KANSAS CITY, MO, January 10, 2006. Warmbrodt Hotel Investments, Inc. ("WHI"), announced today that it advised Omaha Landmark Lodging L.P. in the sale of The Park Inn Hotel in Omaha, Nebraska. Located near the national headquarters of Mutual of Omaha Insurance Company, the 122-room, six-story property was purchased by Triple D Hospitality L.L.C. for an undisclosed amount. The property will undergo an extensive renovation and be converted to the Best Western Seville Plaza-Omaha.
The existing tax-exempt bond financing was restructured in connection with the acquisition of the hotel. Steve Perry of Property Specialists, Inc., acted as bond financing consultant on behalf of the purchaser. Toger Swanson of the Kutak Rock law firm in Omaha, acted as Bond Counsel. WHI placed the substitute letter of credit bond enhancement on behalf of the purchaser with a regional bank.
"The buyer recognized the value enhancement opportunity of this asset and the value of the existing tax-exempt bond financing. WHI was able to use it's network of knowledgeable professionals and banking sources to assist the buyer in restructuring the existing bond debt and achieving the ultimate goal of the seller."
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