Neptune Arranges $5.5 mil Refinance of Texas Hotel
SAN DIEGO, CA, August 29, 2006. Neptune Hospitality Advisors announced today that it has arranged the senior financing for the 103-room Fredericksburg Inn and Suites in Fredericksburg, Texas. Located in the heart of the Texas hill country this leisure destination hotel is located one hour from both Austin and San Antonio. Neptune sourced the $5.5 million, 10-year fixed-rate loan through a national commercial real estate lender. The property is owned by Croesus Capital Partners of Dallas, Texas and managed by Hospitality Management Corporation ("HMC") of Dallas, Texas.
Acquired only 2 years ago, Croesus and HMC orchestrated a $1.2 million interior and exterior renovation making the hotel one of the premier hotels in the Texas hill country. Resort amenities include two pools, spa, outdoor caba~na with fireplace and grilling facilities complimenting the adjacent meeting rooms.
"The Fredericksburg Inn and Suites transaction is representative of Neptune's marketing prowess and strong lending relationships," commented Stan Kozlowski, Principal of Neptune Hospitality Advisors. "We were able to procure competitively priced financing on an independent, boutique hotel located in a tertiary area of Texas at significant leverage levels," added Gavin Davis, Principal of Neptune Hospitality Advisors.
Dallas-based Croesus Capital Partners was founded by Daniel Wenz and Randy Box in 2003. They currently own hotel, office, and retail properties throughout Texas. HMC was founded in 1971 as a third-party operator of hotel and resort properties.
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