AIRCOA Hotel Partners L.P. finalizes $45 million loan to refinance six properties.ENGLEWOOD, Colo.--(BUSINESS WIRE)--June 23, 1995--AIRCOA Hotel Partners L.P. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AHT AHT Animal Health Trust (Suffolk, England) AHT American Hairless Terrier (dog breed) AHT After Hours Trading AHT Animal Health Technician AHT Anchor Handling Tug ) has finalized a five-year, $45 million mortgage with The Hongkong and Shanghai Banking Corp. Ltd. to refinance and renovate six properties. The loan also includes $1 million in revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. . The new mortgage financing has a floating rate tied to the Eurodollar rate on a 20-year amortization schedule. The six properties, managed by Richfield Hospitality Services Inc., are located in Aurora, Ohio Aurora is a city located in Portage County, Ohio, United States. It is co-extant with, and formed from, the former township of Aurora, which was formed from the Connecticut Western Reserve. As of the 2000 census, the city had a total population of 13,556. ; Bloomington, Ind.; Buffalo, N.Y.; Durham, N.C.; Orlando, Fla.; and Scottsdale, Ariz. A wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Richfield is general partner of AIRCOA Hotel Partners L.P. "As occupancy rates and financial performance continue to rebound in the lodging industry, competition for loans on hotel properties has heated up among banks, insurance companies and other financing sources resulting in availability of more price-competitive loans," said Michael Sheh, senior vice president of finance and asset management for Richfield. He said AIRCOA explored several hotel financing programs before selecting Hongkong Bank on the basis of more attractive pricing and greater flexibility. Richfield provides management services to a wide range of properties representing multiple segments of the lodging industry and located throughout the continental U.S., Hawaii, Alaska and Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. , including hotels licensed by most major franchises as well as independents. CONTACT: AIRCOA Hotel Partners L.P., Englewood David C. Ridgley, 303/220-2000 |
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