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New York, NY - March, 2007 -- In a transaction valued at $46.75 million, AFC Hotel Finance Group, a subsidiary of AFC Realty Capital arranged acquisition debt and equity financing for three hotel properties located in Allentown, PA, Warren, NJ and Basking Ridge, NJ on behalf of NGH Hospitality, a hotel investor. Paul Fried, principal of AFC, made the announcement. "NGH Hospitality, a Maryland-based https://swiss-replica-watches.youbestwatch.com/ hotel investment and management company, sought institutional financing for the acquisition of three prime hospitality properties in Pennsylvania and New Jersey," Mr. Fried stated. "AFC arranged the right capital for this acquisition by securing an institutional joint-venture partner, mortgage financing from two different lenders and contributing our own equity to complete the capital stack." The financing represented in excess of 95% of required capital omega seamaster replica for acquisition and repositioning of the assets. The hotel properties include the Sheraton Four Points in Allentown, PA; Somerset Hills Hotel in Warren, NJ; and The Inn at Somerset in Basking Ridge, NJ. "Our strategy was two-fold. We felt that NGH Hospitality would achieve better execution by capitalizing the three assets on a portfolio basis rather than seeking individual project financing as they had done with previous acquisitions," Michael Sonnabend, AFC principal, commented. "And bringing an institutional equity partner provides the foundation for NGH?s growth plan. Our goal was to find the right debt and equity for the acquisition and successful repositioning of this first-class portfolio." The hotels in the NGH portfolio include Sheraton Four Points, a 149-room, full-service hotel located at 3400 Airport Road in Allentown, PA. This Sheraton location features spacious rooms and suites, a large indoor pool, the region?s premiere lounge and dance club and is near to Lehigh Valley International Airport. Also in the portfolio is Somerset Hills Hotel,Audemars Piguet Replica located at 200 Liberty Corner Rd in Warren, NJ. The property features 112 rooms and is located near to the Somerset County corporate corridor and proximate to the Newark Liberty International Airport. This hotel will be undergoing substantial renovation and rebranding as part of the acquisition. The third hotel property includes a sister hotel, The Inn at Somerset, located at 80 Allen Road in Basking Ridge, NJ. Also at 112 rooms, the Inn at Somerset is situated in convenient central New Jersey location and features corporate suites, business amenities and conference rooms. About AFC Realty Capital AFC Realty Capital Inc. is a real estate investment bank with 20 years of experience arranging capital for middle market owners and developers around the country. Directed by experienced real estate entrepreneurs, AFC is recognized for crafting the most profitable financial solutions for its clients and using its relationships to bring the widest universe of institutional financing options to owners and sponsors. AFC Realty?s principals have closed more than 250 equity and mezzanine transactions, and in 2006, closed over $1 billion of debt, mezzanine and equity. AFC Hotel Finance Group,Rolex Lady-Datejust Replica a wholly owned division of AFC Realty Capital Inc., is one of the leading providers of capital to the hospitality industry. |
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