The original contract called for the sale of eight hotels; five are gone. A 59-room AmeriHost Inn in La Grange, GA trades in June. Others being marketed are being done so by Arlington Hospitality and not PMC the owner, Barry N. Berlin, PMC's CFO explains to GlobeSt.com.
Jan Salit, PMC's executive vice president, says no other agreements are contemplated at this time to sell any more of the AmeriHost package, which contains 1,344 rooms in 10 states. That's not to say offers wouldn't be entertained, but that would be just in the course of normal business and not part of the proposed merger, the two concurred.
Arlington Hospitality of Arlington Heights, IL, and PMC cut a sale/leaseback in 1998-99 for 30 hotels. As PMC's operator, Arlington holds 15-year, triple-net leases for 22 properties in Georgia, Illinois, Indiana, Iowa, Michigan, Mississippi, Ohio, Tennessee, Texas and Wisconsin.
The REIT and PMC Capital are positioning for a fourth-quarter closing on the merger, with PMC Commercial ticketed as the survivor. The merged company will focus on hospitality lending, with an emphasis on structured loan transactions.
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