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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
June 20, 1995
AIRCOA HOTEL PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
State of Delaware
(State or other jurisdiction of incorporation)
1-9563 84-1042607
(Commission File Number) (IRS Employer Identification No.)
5775 DTC Boulevard, Suite 300
Englewood, Colorado 80111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(303) 220-2000
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Item 5. Other Events.
AIRCOA HOTEL PARTNERS, L.P.
FINALIZES $45-MILLION LOAN TO REFINANCE SIX PROPERTIES
Englewood, CO, June 22, 1995 -- AIRCOA Hotel Partners, L.P. has finalized a
five-year, $45-million mortgage with The Hongkong and Shanghai Banking
Corporation Limited to refinance and renovate six properties. The loan also
includes $l million in revolving credit. 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, Oh.; Bloomington, Ind.; Buffalo, N.Y.; Durham, N.C.; Orlando, Fla.;
and Scottsdale, Ariz. A wholly-owned subsidiary 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, including hotels
licensed by most major franchises as well as independents.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AIRCOA HOTEL PARTNERS, L.P.
By: AIRCOA Hospitality Services, Inc.,
General Partner
Date: June 20, 1995 By: /s/ Douglas M. Pasquale
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Douglas M. Pasquale
Executive Vice President
and Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)
