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.
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