$58m in financing inked for mid-market hotels.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 reported a strong September in arranging loans for mid-market hotel properties. The company completed more than $58 million of financing for six hotel properties in six different states during the month. The funding represents over 700 rooms in a diverse group of separately-owned flagship hotels in the International Hotels Group, Marriott and Hilton brands, 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 non-recourse loans were originated and placed by Mr. Berk with several capital sources. Included in the properties were The Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. in Tifton, GA, Holiday Inn Express in Van Nuys, CA, Hampton Inn in Groton, CT, Candlewood Suites Candlewood Suites is a brand name applied to hotels within the InterContinental Hotels Group. History The Candlewood Suites chain was started in 1995 by Jack Deboer, founder of the Residence Inn and co-founder of the Summerfield Suites chain. in Louisville, KY, Candlewood Suites in Indianapolis, IN and Hampton Inn in Panama City Panama City, city (1990 pop. 34,378), seat of Bay co., NW Fla., on St. Andrews Bay; inc. 1909. A Gulf Coast resort with amusement parks and excellent fishing, it is also a port of entry. The city's industries produce paper, clothing, and chemicals. Beach, FL. "Capital providers continue to recognize the importance of brand identity in the secondary markets as the primary driver of rate and occupancy," Mr. Berk says. "They are willing to reward that identity with market terms that are comparable to those in primary markets." "These loans are prime examples. All were non-recourse loans with fixed interest rates well below 6% for the entire term of the loan." With these transactions, AFC Hotel Finance Group has financed in excess of 3,000 hotel keys representing all major hotel brands in 2005. The AFC Hotel Finance Group is a wholly-owned division of AFC Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Capital. |
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