Neptune Hospitality Advisors Arranges Acquisition Financing for Purchase of Hilton Salt Lake City Ai
SAN DIEGO, CA, November 18, 2005. Michael D. Armstrong, President of Neptune Hospitality Advisors, Inc., is pleased to announce his firm arranged the senior financing and sourced the joint-venture equity partner for the acquisition of the 288-room Hilton Salt Lake City Airport in Salt Lake City, Utah. Neptune procured the $13.4 million five-year fixed rate loan through a commercial real estate finance company. American Property Management Corp. and affiliates of Glenmont Capital Management, LLC acquired the hotel.
The Hilton was built in 1980 with a five-story addition in 1985, and offers 288 guestrooms and over 8,300 square feet of meeting space. The Hotel is situated on 7.5 acres of land and will undergo an immediate $6.25 million renovation and remain a Hilton.
"As a capital advisor, this is an ideal transaction for us where we assisted our client in all facets of the capital stack, from sourcing institutional equity to structuring sophisticated financing at below market rates," commented Gavin Davis, Director of Neptune Hospitality Advisors.
Based in San Diego, APMC was recently ranked as the 7th largest independent hotel management company by Hotel and Motel Management magazine in March 2005 and the 15th largest hotel owner by Hotel Business magazine in September 2005. This purchase represents APMC's 15th hotel acquisition in the last year. Michael Gallegos, President and CEO of APMC, was recently honored as Ernst & Young's 2004 National Entrepreneur of the Year in the real estate industry.
Glenmont Capital Management, LLC is a privately held real estate investment management firm headquartered in New York. It currently manages funds composed of institutional and high net worth investors and is focused on high yielding, small- to mid-cap investment opportunities across the country, which typically require $2 million to $10 million of equity capital. The funds target equity investments in real estate where Glenmont can leverage off of the expertise of its experienced and proven sponsor partners who operate the properties on a day-to-day basis. Glenmont's investments are customarily made in joint venture with experienced and proven operating partners and are expected to include all real estate asset classes. Investing on behalf of its second fund, Glenmont anticipates acquiring approximately $500 million in additional real estate assets over the next 36 months.
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