In November, AFC arranged $33 million for five hotels in Panama City Beach, FL; Carson City, NV; Brentwood, TN; Horse Cave, KY; and Albuquerque. In 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 tells GlobeSt.com that all of the refinancings are with difference owners. "The money is going towards working capital for future projects."
AFC arranged a $9-million loan for Holiday Inn Express Hotel & Suites-Elko, located at 3019 Idaho St. in Elko, NV. The 77-room hotel offers a fitness center, business facility and is proximate to golf courses, restaurants, casinos and Interstate 80. It is also a three-time winner of the Torch Bearer Award, recognizing managerial excellence.
AFC also secured $9 million for Hampton Inn & Suites-Savannah, located at 591 Al Henderson Blvd. in Savannah, GA. Amenities at the six-story hotel include a fitness room, spa facility, wireless data connection and outdoor pool.
Additionally, AFC arranged $9 million in financing for the 150-key Holiday Inn Select-Winston-Salem situated at 5790 University Pkwy. in Winston-Salem, NC. The hotel features a 24-hour exercise room, outdoor pool, a newly-renovated 3,105-sf ballroom and all modern amenities.
Also arranged by AFC is a $6.2-million loan for Comfort Inn & Suites-Rawlins at 2366 East Cedar St. in Rawlins, WY. The hotel is proximate to Interstate 80, Rawlins Municipal Airport and just half a mile from the Rawlins Recreation Center. Features include a heated indoor pool and hot tub, exercise room and complimentary continental breakfast and coffee.
In a transaction valued at $4 million, AFC arranged financing for Holiday Inn Express Hotel & Suites-Weatherford located at 3825 E. Main in Weatherford, OK. Offering an indoor pool and a business service center, the 65-key hotel is near to the Thomas Stafford Space Museum, Weatherford Golf Course, Corn Lake State Park and Red Rock Canyon State Park.
"The institutional capital secured by the AFC team continues to focus on strong brands and management in making financing commitments," Berk explains. "For hotels that possess these qualities, there are multiple capital sources available to provide a very competitive financing rate and terms."
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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.
