NEW YORK CITY-Locally based AFC Hotel Finance Group has secured $32.7 million in financing for five hotel properties throughout the country. The hotels are located in Panama City Beach, FL; Carson City, NV; Brentwood, TN; Horse Cave, KY; and Albuquerque. In early October, AFC also arranged $31 million in financing for five hotel properties in Pensacola, FL; Allentown, PA; Pooler, GA; Omaha; and Cullman, AL, as GlobeSt.com reported.
Peter Berk, president of AFC Hotel Finance Group, tells GlobeSt.com that "each hotel is owned by an independent operator that may require working capital for the existing hotel property--such as initiating improvements or an expansion--or grow their firms." He adds that AFC "specializes in identifying solid owner and management teams within key markets throughout the US and works with them to build their businesses."
Berk also notes that "while many real estate investments offer a less-certain economic future, middle-market hotel properties remain attractive to our institutional investment partners. This continued strength stems from each asset's central location, savvy owner and management teams, and strong brand loyalty."
Among the transactions secured by AFC is an $11-million permanent loan for Hilton Garden Inn-Panama City, a 111-room hotel located at 1101 US Hwy. 231 in Panama City. The hotel features an on-site business center, restaurant, outdoor pool, whirlpool and exercise facility.
AFC also arranged a $7-million loan for Hampton Inn and Suites-Albuquerque, on Coors Road in Albuquerque. Near the Petroglyph National Monument, the hotel features 88 rooms and suites, complimentary high-speed Internet access as well as a pool, sauna and hot tub.
Additional capital provided by AFC includes a $6-million loan for Holiday Inn Express Hotel & Suites-Carson City, located at 4055 N. Carson St. in Carson City. Guests can enjoy free high-speed Internet, an indoor pool, spa, fitness room, guest laundry and meeting facilities.
AFC arranged a $5.7-million loan for Wingate by Wyndham-Brentwood/Cool Springs at 1738 Carothers Pkwy. in Brentwood. Located just minutes from the Cool Springs Conference Center and Downtown Nashville, the hotel is designed to meet the needs of both business and leisure travelers. Amenities include an outdoor pool, modern suites and proximity to shopping, dining and entertainment.
Lastly, AFC secured $3 million in permanent financing for the Hampton Inn-Horse Cave, located at 750 Flint Ridge Rd. in Horse Cave. Area attractions include the American Cave Museum, country music, amusement park, cave tours, wax museum, fishing and riverboat excursions. The 101-room hotel offers a fitness center, indoor pool, hot tub, and all modern amenities.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
