Neptune Hospitality Advisors Inc. represented American Property in the transaction and also arranged the acquisition financing through GE Franchise Finance. The seller was HIA Lackland Ltd. The selling price was not disclosed. The $4.5-million loan includes a $500,000 hold back for renovations to the hotel.
Michael Armstrong, president of Neptune, acted for American Property and Stan Kozlowski, vice president of Neptune, assisted with the acquisition and financing.
The purchase of the hotel at 6815 Highway 90 West includes an adjacent 3.5 acres that could be used for expanding the hotel. American Property owns 34 hotels throughout the country. Neptune, based in San Diego, also has offices in Dallas, Boston and Honolulu.
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