NEW YORK CITY-Locally based AFC Hotel Finance Group arranged $30.8 million in financing for five hotel properties in Pensacola, FL; Allentown, PA; Pooler, GA; Omaha; and Cullman, AL. Peter Berk, president of AFC Hotel Finance Group, tells GlobeSt.com that “these transactions were refinancings in order for the owners to generate working capital for their companies.”
Berk also notes that “middle-market hospitality developments have demonstrated a continued strength during the last five years, particularly in the secondary and tertiary US markets. All of these assets are centrally located, well-managed and remained attractive to our institutional investment partners.”
Among the transactions secured by AFC is a $8-million permanent loan for Comfort Inn Pensacola, located at 8080 N. Davis Hwy. in Pensacola. The 115-room hotel offers a business center with meeting rooms, complimentary wireless internet, a seasonal outdoor pool, on-site fitness center, free parking and proximity to West Florida Hospital and University Mall.
AFC also arranged a $6.3-million permanent loan for the Comfort Suites-Allentown, a 120-room hotel at 3712 Hamilton Blvd. in Allentown. The hotel features a fitness center, an on-site O'Haras restaurant, a meeting space with computer stations and complimentary high-speed Internet access.
AFC secured a $6-million permanent loan for the Holiday Inn Hotel & Suites Savannah-Pooler, located at 103 San Drive in Pooler. The 329-room hotel offers four professional meeting rooms, a fitness center and indoor swimming pool, an on-site convenience store and all modern amenities.
Additional capital provided by AFC includes $5.5 million in permanent financing for the Holiday Inn Express Hotel & Suites-Omaha West, located at 17677 Wright St. in Omaha. Amenities at this 80-room hotel include a fitness center, an indoor heated pool and is minutes away from the Lake Zorinski Recreation Area.
Lastly, AFC Hotel Finance Group secured a $5-million permanent loan for the Holiday Inn Express Hotel & Suites-Cullman at 2052 Hayes Dr. N.W. in Cullman. The 78-room facility features high speed Internet access throughout the hotel, a meeting room and a fitness center with indoor swimming pool.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
