AFC Arranges Financing for Five Properties in U.S.
OCTOBER 4, 2007. AFC Hotel Finance Group, a capital provider that has sourced more than $400 million for hospitality development, construction and renovation projects in the first half of 2007 alone, arranged $30.8 million in financing for five hotel properties in Pensacola, FL; Allentown, PA; Pooler, GA; Omaha, NB; and Cullman, AL. Peter M. Berk, President of AFC Hotel Finance Group, made the announcement.
"Middle-market hospitality developments have demonstrated a continued strength during the last five years, particularly in the secondary and tertiary US markets," Mr. Berk stated. "All of these assets are centrally-located, well-managed and remained attractive to our institutional investment partners."
Among the transactions secured by AFC is a $8 million permanent loan for Comfort Inn Pensacola, located at 8080 N. Davis Highway in Pensacola, FL. The 115-room hotel offers a business center with meeting rooms, complimentary wireless internet, a seasonal outdoor pool, on-site fitness center, free parking and proximity to West Florida Hospital and University Mall.
AFC also arranged a $6.3 million permanent loan for The Comfort Suites-Allentown, a 120-room hotel at 3712 Hamilton Blvd. in Allentown, PA. The hotel features a fitness center, an on-site O'Haras restaurant, a meeting space with computer stations and complimentary high-speed Internet access.
AFC secured a $6 million permanent loan for the Holiday Inn Hotel & Suites Savannah-Pooler, located at 103 San Drive in Pooler, GA. The 329-room hotel offers four professional meeting rooms, a fitness center and indoor swimming pool, an on-site convenience store and all modern amenities.
Additional capital provided by AFC includes $5.5 million in permanent financing for the Holiday Inn Express Hotel & Suites-Omaha West, located at 17677 Wright St. in Omaha, NB. Amenities at this 80-room hotel include a fitness center, an indoor heated pool and is minutes away from the Lake Zorinski Recreation Area.
Lastly, AFC Hotel Finance Group secured a $5 million permanent loan for the Holiday Inn Express Hotel & Suites-Cullman at 2052 Hayes Drive N. W. in Cullman, AL. The 78-room facility features high speed internet access throughout the hotel, a meeting room and a fitness center with indoor swimming pool.
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