Neptune Arranges $31.9mil for Purchase of Sheraton Oklahoma City
SAN DIEGO, CA, April 23, 2007. Neptune Hospitality Advisors, acting as exclusive financial advisor, has arranged the senior financing for the purchase of the 395-room Sheraton Oklahoma City Hotel in Oklahoma City, Oklahoma. Neptune arranged the $31,900,500 fixed-rate interest-only loan through a global investment bank. The property will receive a $3,800,000 renovation and will remain a Sheraton.
The hotel was acquired by American Property Management Corporation ("APMC"). Based in San Diego, APMC was ranked as the 8th largest hotel management company in the April 2006 issue of Hotel Business magazine and the 5th largest independent third-party hotel management company in the June 2006 issue of Hotel and Motel Management magazine. With a portfolio value of over $1.6 billion, APMC currently owns and operates 45 lodging properties encompassing over 13,500 rooms and employs over 5,500 personnel throughout the United States.
"Our client had committed to a short closing period to satisfy the seller's needs and the Neptune team, always ready for a challenge, worked within the tight timeframe to close the loan in less than 30 days, " stated Mike Armstrong, president of Neptune. "This deal posed other timing challenges as well, including the buyer's need to use 1031-exchange proceeds from another sale which had recently closed."
Neptune Hospitality Advisors is a real estate capital advisory firm dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing capital raising services, investments sales and advisory services to the hospitality industry.
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