$52m hotel deal inked by AFC.In one of the largest hotel financing packages to be completed in the Midwest this year, AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. Hotel Finance Group has arranged $52 million in financing on behalf of Kinseth Hospitality Companies. The funding was used by the Iowa-based owner and operator of hospitality assets to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap a portfolio of eight hotel properties throughout Iowa and Kansas, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter Berk, President of AFC Hotel Finance Group. The portfolio includes more than 1,400 rooms in flagship hotels such as Hampton Inn, Holiday Inn, Best Western and Sheraton Four Points. The long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. fixed rate financing was originated and placed by Mr. Berk with an insurance company. The fixed-rate loans Fixed-rate loan A loan whose rate is fixed for the life of the loan. have an interest rate of approximately 6% with long-term amortization schedules. "Kinseth Hospitality came to us with the hope of securing capital to strengthen their capital position and generate additional proceeds from a superior portfolio of hotel properties located throughout the midwest," Mr. Berk points out. "Utilizing our extensive resources and roster of capital sources, we successfully recapitalized the properties with financing that met the owners objectives for the future." |
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