Neptune Hospitality ADVISORS ARRANGES FINANCING FOR PURCHASE OF AUSTIN DOUBLETREE
FOR IMMEDIATE RELEASE
MEDIA RELEASE
Contact: Michael D. Armstrong (858) 964-5678
Neptune Hospitality ADVISORS ARRANGES FINANCING FOR PURCHASE OF AUSTIN DOUBLETREE
SAN DIEGO, California - - September 22, 2006 - - Neptune Hospitality Advisors announced today that it has arranged the $16,200,000 acquisition financing for the 152-room Doubletree Club located in Austin, Texas on behalf of Pinnacle Hotels USA. The property is located on Interstate 35 just north of downtown Austin proximate to the University of Texas campus. Pinnacle will immediately embark on over $2 million in renovations which will include adding a full service restaurant and bar as well as new rooms packages.
"Given the strong current cash flow of this opportunity, Neptune was able to place very opportunistic, 10-year, fixed-rate financing on the Doubletree taking advantage of today's low interest rates," commented Stan Kozlowski, Principal of Neptune Hospitality Advisors. "This marks the twelfth loan we have closed with Pinnacle in 2006, totaling more than $90 million, and underscores one of Neptune's core competencies in portfolio capital optimization, which in turn unlocks significant value for our clients," added Gavin Davis, Principal of Neptune Hospitality Advisors.
"One of the main benefits of working with the Neptune team is the way they become an extension of my team. They take on the deal like it is their own and work diligently to ensure a timely and efficient closing," added Barry Lall, President of Pinnacle Hotels USA.
Based in San Diego, Pinnacle has a portfolio of 20 hotels located in southern California and throughout the southwest.
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 investment sales, capital raising services, and advisory services to the hospitality industry.
For more information, contact Michael D. Armstrong at (858) 964-5678 or email [email protected] or view 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) 964-5678
F. (858) 964-5679
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