$23M Refi Supports Plan for 276-Key Re-Flagging

ALBUQUERQUE-American Property Management Corp. has secured $23.2 million to pay off an 18-month-old acquisition loan for the former 276-room Wyndham Albuquerque Airport Hotel. About $7.5 million will be used for upgrades so the hotel can be operated under the Sheraton flag.

When American Property Management Corp. acquired the hotel at 2910 Yale Blvd. SE in early 2007, the owners immediately wanted to operate it as a Sheraton. “They didn’t get the renovation plan completed in time so they decided to drop the Wyndham franchise. While they’ve been developing the renovation plan, the hotel has been operating as an independent,” says Michael D. Armstrong, president of San Diego-based Neptune Hospitality Advisors.

Armstrong says the owner is upgrading interiors to take the hotel up to the Sheraton’s design standards. “They’re not moving walls,” he adds. “The property’s in good shape.” Upgrades have just begun and should be completed by first quarter 2009.