Neptune Hospitality Advisors Arranges Sale of Downtown San Diego Hotel
SAN DIEGO, CA, June 24, 2005. Michael D. Armstrong, President of Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged the sale of the Hotel Prava in the Gaslamp Quarter of downtown San Diego, California. The 59-room, full-service all-suite hotel, sold to Fairfield Resorts, a Cendant company. Fairfield plans to convert the boutique hotel into a timeshare property. The sale price was not disclosed.
The hotel was sold by a partnership led by American Property Management Corporation, the 7th largest independent hotel management company in the U.S. "This sale represents another successfully structured transaction for Neptune Hospitality Advisors. San Diego continues to be one of the strongest hotel markets in the country, and because of the strength of the market, San Diego hotels are fetching some of the highest prices in the country," commented Mr. Armstrong.
Neptune Hospitality Advisors is an international real estate firm dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and a sophisticated approach to providing investment sales and financing services to the hospitality industry.
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