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NEW YORK CITY-AFC Hotel Finance Group has arranged $46.8 millionin acquisition financing for three hotels. The Sheraton Four Pointsin Allentown, PA; Somerset Hills Hotel in Warren, NJ; and the Innat Somerset in Basking Ridge, NJ were purchased for a little morethan $38 million and will receive more than $5 million inrenovations, according to Michael Sonnabend, a principal withAFC.

NGH Hospitality purchased the three properties in two differenttransactions, but the financing was packaged together. AFC securedan institutional joint-venture partner, financing from twodifferent lenders and kicked-in its own capital as part of thetransaction.Sonnabend tells GlobeSt.com that the unique mix offinancing was utilized so that NGH could have significant capitalto continue growing its business over the next five years. A largeportion of their acquisition funding would have been used toacquire these properties so "It allows them to have funds forfuture deals."