Published: November 06, 2009
Shaner Growth Fund Successfully Purchases $154,400,000 of Mortgages Secured by Hospitality Properties
STATE COLLEGE, Pa. - (BUSINESS WIRE) - Lance Shaner, Chairman and Chief Executive Officer of Pennsylvania based
Shaner Hotel Holdings, is pleased to announce the acquisition of
$154,400,000 in performing hotel loans in 2009. In two separate
transactions $64,400,000 of hotel mortgages were acquired by Shaner
Growth Fund LP, owned by Lance Shaner. A third transaction for
$90,000,000 was acquired by a private REIT capitalized with cash
contributions made by Mr. Shaner and Five Arrows Realty Securities V, LP
("the REIT" ). The three loans are secured by a 99-room Homewood Suites,
located in Orlando, Florida, the 403-room Westin Savannah Harbor Golf
Resort located in Savannah, Georgia and a 548-room Marriott Renaissance
located in Las Vegas, Nevada.
Shaner is experienced in real estate transactions and has worked through
a variety of business cycles over the last 30 years and believes this
market is an opportunity to acquire hotel loans. "Our knowledge of the
hotel industry has put us in the right place to fully evaluate and
acquire hotel loans that meet our underwriting criteria," said Shaner.
Shaner has been working with a variety of lenders including local,
regional and national institutions in its acquisition of hotel debt.
Shaner Growth Fund II, LLC the REIT was created to target the
acquisition and to capitalize on economic conditions in today's
commercial real estate market. It's expected that the REIT will purchase
up to $200 million in hotel loans. The typical holding period for
projects in the REIT is 5 to 7 years. "Our goal is to leverage these
economic conditions by purchasing notes at levels that will yield strong
returns for our investors," Mr. Shaner said.
For a confidential discussion about selling a hotel mortgage to the
REIT, email Plato Ghinos at pghinos@shanercorp.com
or call (888) 861-0324.
About Five Arrows Realty Securities:
Five Arrows Realty Securities V, L.P. is the latest in a series of
funds organized and managed by Rothschild Realty Managers, a New
York-based investment advisory firm. The Five Arrows Realty Securities
funds, which are capitalized by contributions from pension funds,
endowments, foundations, and high net worth individuals, provide
entity-level growth capital to public and private real estate operating
companies. Since their inception in 1996, the funds have committed
approximately $1.5 billion of capital into 22 entity-level investments.
About Shaner Hotel Group:
Shaner Hotel Group is part of the Shaner Companies, a privately-held
entity based in State College, PA that owns and manages diverse
investments in the lodging, investment, energy and professional service
sectors. Shaner Hotel Group owns and manages 30 existing hotels
throughout the United States and has several more in construction.
Shaner Growth Fund II, L.P.
Plato Ghinos, 888-861-0324
pghinos@shanercorp.com
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