Neptune Hospitality Advisors Arranges $30 Million Financing of Hotel La Jolla
SAN DIEGO< CA, January 21, 2008. Neptune Hospitality Advisors today announced it arranged the senior and mezzanine financing for the 108-room Hotel La Jolla in La Jolla. Neptune procured a $23.1 million three-year floating rate loan through a Wall Street investment bank and a $7.0 million mezzanine loan through a hospitality real estate investment trust.
The Hotel La Jolla is located in the heart of La Jolla Shores, San Diego's most prestigious beach community. At 11 stories, the Hotel La Jolla is one of the tallest buildings in La Jolla. With the new financing in place, the hotel will undergo a $7.0 million renovation that will transform the property into an upscale, modern lifestyle boutique.
"Our client needed to replace a bridge loan that had reached the end of its term," said Mike Armstrong, Neptune's president. "Our objective was to seek a new financing package that would not only refinance the old loan, but also give our client the additional renovation dollars needed to take the hotel to the next level," added Armstrong. "Although this assignment came in the midst of the current credit crunch, we successfully obtained multiple non-recourse debt quotes for our client to chose from, even though the property is an un-stabilized, independent hotel," commented Jason Clouet, Neptune managing director.
The hotel is owned by a partnership led by American Property Management Corporation ("APMC"). APMC is an opportunistic-focused lodging company based in San Diego, California. Hotel Business Magazine ranked APMC as the 12th largest hotel owner in the United States (with a portfolio valued at over $2 billion) as listed in the September 2007 issue, and the 5th largest hotel management company as listed in the April 2007 issue. The Company is fast becoming a growing leader in the hospitality industry with 45 hotels and resorts located from coast to coast with over 13,500 rooms and over 5,500 employees, generating over $400 million in annual revenue.
Neptune Hospitality Advisors is a real estate capital advisory firm dedicated to the hotel industry. Headquartered in San Diego, and with an office in Austin, Texas, Neptune provides a full spectrum of capital advisory services including mortgage brokerage, joint venture capital raising, property sales and asset advisory services to the hospitality industry. Working with a wide variety of hotel owners, investors and capital sources, Neptune has completed hotel and resort transactions across the United States and Mexico.
For more information, contact Michael D. Armstrong at [email protected] or visit the company website at www.neptuneha.com.
Neptune Hospitality Advisors, Inc.
The Aventine Building
8910 University Center Lane, Suite 420
San Diego, CA 92122
P. (858) 964-5670
F. (858) 964-5679
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