SAN DIEGO— Neptune Hospitality Advisors, Inc., based here, recently arranged acquisition financing packages for buyers in two transactions. Earlier this month, Neptune Hospitality arranged $10.3 million in senior financing for Hansji Hotels’ purchase of the 276-room Sunshine Hotel and Suites in Phoenix. Neptune Hospitality obtained the five-year, floating rate loan through a national commercial finance company. Hansji Hotels will now completely renovate the property and turn it into a Holiday Inn. More recently, Neptune Hospitality procured senior and mezzanine financing for American Property Management Corp.’s acquisition of the 295-room Doubletree in Albuquerque, NM. The senior, three-year, floating rate loan was provided by a Wall Street investment bank and totaled $13.9 million. A $3-million coterminous mezzanine loan was provided by a hybrid real estate investment trust. MeriStar Hospitality sold the 16-story asset, which will now be renovated at a cost of $5.5 million.
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