AFC Arranges Financing for Five Properties Around U.S.
NOVEMBER 13, 2007. AFC Hotel Finance Group, a capital provider that has sourced more than $600 million for hospitality development, construction and renovation projects this year alone, secured $32.7 million in financing for five hotel properties throughout the country. The hotels are located in Panama City Beach, FL; Albuquerque, NM; Carson City, NV; Brentwood, TN; and Horse Cave, KY. Peter M. Berk, President of AFC Hotel Finance Group, made the announcement.
"While many real estate investments offer a less-certain economic future, middle-market hotel properties remain attractive to our institutional investment partners," Mr. Berk stated. "This continued strength stems from each asset's central location, savvy owner and management teams, and strong brand loyalty."
AFC secured $11M in permanent financing for Hilton Garden Inn-Panama City, a 111-room hotel located at 1101 US Highway 231 in Panama City, FL. The hotel features an on-site business center, restaurant, outdoor pool, whirlpool and a state-of-the-art exercise facility.
AFC also arranged a $7M loan for Hampton Inn and Suites-Albuquerque, on Coors Road in Albuquerque, NM. Near to Petroglyph National Monument, the hotel features 88 well-appointed rooms and suites, complimentary high-speed internet access as well as a pool, sauna, and hot tub.
Additional capital provided by AFC includes a $6M loan for Holiday Inn Express Hotel & Suites-Carson City, located at 4055 N. Carson St. in Carson City, NV. Guests can enjoy free high speed Internet, an indoor pool, spa, fitness room, guest laundry and meeting facilities.
AFC arranged a $5.7M loan for Wingate by Wyndham-Brentwood/Cool Springs at 1738 Carothers Parkway in Brentwood, TN. Located just minutes from the Cool Springs Conference Center and Downtown Nashville, the hotel is designed to meet the needs of both business and leisure travelers. Amenities include an outdoor pool, modern suites and proximity to shopping, dining and entertainment.
Lastly, AFC Hotel Finance Group secured $3 million in permanent financing for the Hampton Inn-Horse Cave, located at 750 Flint Ridge Road in Horse Cave, KY. Area attractions include the American Cave Museum, country music, amusement park, cave tours, wax museum, fishing and riverboat excursions. This 101-room hotel offers a fitness center, indoor pool, hot tub, and all modern amenities.
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