Neptune Hospitality Advisors Arranges $25 Mil Financing of Downtown San Diego Radisson Hotel
SAN DIEGO, CA, March 6, 2006. Neptune Hospitality Advisors announced today that it has arranged the senior financing for the 333-room Radisson Hotel Harbor View in downtown San Diego, California. Built in 1990, the 23-story full-service hotel is located in downtown San Diego in the Marina/Little Italy district. The hotel is managed by American Property Management Corporation. APMC plans a comprehensive renovation of the hotel. Neptune arranged the $25.0 million five-year fixed rate loan through a national commercial real estate lender.
"Our unique auction style process resulted in the highest proceeds at the lowest effective cost of borrowing," commented Stan Kozlowski, Vice President of Neptune Hospitality Advisors. "Historically speaking, even though current pressure has been and is clearly towards rising interest rates, financing can still be obtained at very attractive levels. Interest rate spreads remain at all-time lows," added Gavin Davis, Director of Neptune Hospitality Advisors.
Based in San Diego, APMC was recently ranked as the 7th largest independent hotel management company by Hotel and Motel Management magazine in March 2005 and the 15th largest hotel owner by Hotel Business magazine in September 2005. Michael Gallegos, President and CEO of APMC, was recently honored as Ernst & Young's 2004 National Entrepreneur of the Year in the real estate industry.
Neptune Hospitality Advisors is a real estate investment bank dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales, capital raising services, and advisory services to the hospitality industry. Its principals have over $4 billion of real estate and finance experience collectively.
For more information, contact Michael D. Armstrong at (858) 964-5678 or email mike@neptuneha.com or view the company website at www.neptuneha.com.
Contact: Michael D. Armstrong (858) 964-5678
Neptune Hospitality Advisors, Inc.
The Aventine Building
8910 University Center Lane, Suite 420
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
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