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CANCUN-American Property Hospitality Management of San Diego hasacquired the 213-room Le Méridien Cancun Resort & Spa with$56.75 million in financing arranged through the San Diego officeof Neptune Hospitality Advisors. Gavin Davis of Neptune arrangedthe financing, which is a floating rate interest-only loan throughan international investment bank.
A Neptune spokesman tells GlobeSt.com that the five–year loanclosed at a "very competitive" rate and that American PropertyHospitality Management plans further improvements at the resorthotel, which was developed in 2000 and has already been upgradedsignificantly. The property was sold by the developer, a privateinvestor based in Mexico.
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