Neptune Hospitality Advisors Arranges Capital for Purchase of Holiday Inn Sea World in San Diego
SAN DIEGO, CA, July 21, 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 316-room Holiday Inn Sea World in San Diego, California. Neptune procured the $30.5 million five-year fixed rate loan through a commercial real estate finance company. A joint venture among an affiliate of American Property Management Corp. and affiliates of Glenmont Capital Management, LLC acquired the hotel and was the borrower.
The Holiday Inn was built in 1982, and offers 316 guestrooms, including 192 suites. The Hotel is situated on 4.34 acres of land and will undergo an immediate $2.3 million renovation and will remain a Holiday Inn.
"As a capital advisor, this transaction is exemplary of Neptune's breadth of services. An ideal transaction for us is one where we can assist 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 16th largest hotel owner by Hotel Business magazine in September 2004. This purchase represents APMC's 13th 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 based in New York. Glenmont is currently investing on behalf its second discretionary fund, which is composed primarily of private and public institutional investors. The primary focus of its investment activities has been high yielding, small to mid cap domestic real estate and real estate related opportunities, generally requiring $2 million to $10 million of equity capital. 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.
Neptune Hospitality Advisors is a national real estate firm dedicated to the hotel industry that specializes in capital advisory and investment sales. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales and financing services to the hospitality industry.
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 
