Neptune Hospitality Advisors Arranges $56mil for Purchase of Le Meridien Cancun
SAN DIEGO, CA, December 7, 2006. Neptune Hospitality Advisors, acting as exclusive financial advisor, has arranged the senior financing for the purchase of the 213-room Le M'eridien Cancun Resort & Spa. Gavin Davis from Neptune arranged the US$56,755,700 floating rate interest-only loan through an international investment bank.
A member of The Leading Hotels of the World, Le Meridien Cancun has been rated at the top of the list of hotels in all of Latin America and among the 80 best hotels in the world by leading travel magazines. And those ratings occurred even before management invested US$5,000,000 during the past year in facility upgrades. Conde Nast Traveler magazine selected Spa del Mar in the Top 50 Spas for both the Top Treatments and Top Program list.
The hotel was acquired by American Property Hospitality Management ("APHM"), 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 and the 5th largest independent third-party hotel management company in the June 2006 issue of Hotel and Motel Management magazine. With a portfolio value of over $1.5 billion, APMC currently owns and operates 45 lodging properties encompassing over 12,000 rooms and employs over 5,500 personnel throughout the United States.
This acquisition marks the third APMC Le Meridien in its portfolio. Currently, the company is converting the Hilton Suites at the Galleria in Dallas to Le Meridien and building a new Le Meridien in Tempe, Arizona.
"We are delighted to own and operate one of the premier hotels in the Americas," commented Michael Gallegos, CHA, President & CEO of APMC. "Our goal is to further enhance the status and reputation of this magnificent asset. We plan on acquiring several additional Four and Five Star Hotels and Resorts in Mexico, Que Viva Mexico."
The off-market transaction was brokered by Laurus Corporation of Beverly Hills.
Neptune Hospitality Advisors is a real estate investment banking firm dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing capital raising services, investments sales and advisory services to the hospitality industry.
For more information, contact Michael D. Armstrong, [email protected] or view the company website at www.neptuneha.com.
Contact: Michael D. Armstrong (858) 964-5678
Neptune Hospitality Advisors, Inc.
The Aventine Building
8910 University Center Lane, Suite 420
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
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