Neptune Arranges $23 Mil Financing of Albuquerque Grand Airport Hotel
SAN DIEGO, CA, August 1, 2008. Neptune Hospitality Advisors today announced it arranged the senior financing for the 276-room former Wyndham located at the Albuquerque International Airport. Neptune procured a $23.24 million, five-year floating rate, interest-only loan through a commercial real estate finance company. Upon completion of a $7,500,000 renovation, the property will be converted to a Sheraton hotel.
"Our client needed to replace a short-term bridge loan that had been used to acquire the property 18 months ago," said Mike Armstrong, Neptune's president. "The new financing will give our client additional capital to complete a renovation and bring the hotel up to Sheraton brand standards," commented Armstrong. "Although still a challenging financing environment, we successfully obtained multiple debt quotes for our client to chose from, despite underwriting hurdles including a ground lease as well as needing repositioning and a flag," commented Jason Clouet, Neptune managing director.
The hotel is owned by APHM, an affiliate of American Property Management Corporation ("APMC"). APMC is an opportunistic-focused lodging company based in San Diego, California.
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
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
