Neptune Arranges $24.7mil Acquisition of Orlando Sheraton
SAN DIEGO, CA, July 31, 2007. Neptune Hospitality Advisors today announced it arranged senior financing for the 301-room Sheraton Studio City in Orlando, Florida. Neptune arranged the $24.7 million five-year fixed-rate loan, with 12-months of interest-only, through an international investment bank.
The Sheraton is located on the world-famous International Drive, just across from Universal Orlando(R) Resort. The hotel offers 301 guestrooms in a 21-story, octagonal, Art Deco building colored white and bronze and topped by a skeletal globe. The Hotel was originally built in 1979, but has completed numerous renovations, most recently in 2001 and again in 2006. The new owner is planning a four million dollar renovation and will convert the hotel to the Sheraton Four Points brand.
The hotel was acquired by American Property Hospitality Management, an affiliate of 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, the 14th largest hotel ownership company in the December 2006 issue of Hotel Business Magazine, and the 6th largest Top Independent Third-Party hotel management company in the June 2007 issue of Hotel and Motel Management magazine. With a portfolio value of over $1.7 billion, APMC currently owns and operates 45 lodging properties encompassing over 13,500 rooms and employs over 5,500 personnel throughout the United States.
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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