GMAC Commercial Mortgage Corporation Provides $64.5 Million in Refinancing for a Hotel Portfolio

Business Wire, June 25, 2004

VIENNA, Va. -- GMAC Commercial Mortgage Corporation (GMACCM) has provided $64,500,000 in floating-rate refinancing for a three-property hotel portfolio.

The loan will facilitate the borrowers' refinance of two existing loans with GMACCM while adding an additional property. All three hotels are cross-collaterized.

The twelve story Embassy Suites Las Vegas is located at 3600 Paradise Road and has 286 rooms. Amenities include a 175-seat Fountain Grille restaurant, a 61-seat lounge, complimentary breakfast and evening social hour area, an indoor pool, an outdoor whirlpool, gift shop, business center, and exercise room. The hotel also offers 11,576 square feet of meeting space.

The Renaissance Asheville at One Thomas Wolfe Plaza in Asheville, N.C. is a twelve-story building with 275 rooms. The hotel has 16,114 square feet of meeting and banquet space. Other amenities include a 124-seat Orchards restaurant, a 30-seat lounge, business center, pool and fitness center.

The Embassy Suites Arcadia is located at 211 E. Huntington Drive in Arcadia, Calif. The 192- room hotel consists of a seven-story building and a one story annex. The hotel includes a 176-seat, full-service Capistrano's restaurant, an 84-seat breakfast area, an 80-seat lounge, an evening reception area, a gift shop, guest laundry, an indoor pool and whirlpool, a steam room and sauna. The property also offers 7,568 square feet of meeting space.

GMACCM's Hospitality Industry Division arranged the transaction. Nesbitt L.V.C.C., LLC, Nesbitt Asheville Venture, LLC and Arcadia Hotel Venture, LP received the funding.

GMAC Commercial Mortgage Corporation (GMACCM), a wholly-owned subsidiary of GMAC Commercial Holding Corp., is a premier financial services firm with extensive funding sources that, coupled with a broad menu of innovative financing programs, serve the needs of borrowers of commercial real estate debt as well as the providers of such capital. GMACCM is an industry leader in loan origination, servicing, asset management, investment management and technology services. The diverse lending and servicing specialist and its affiliates have more than 100 offices worldwide. GMACCM has a servicing portfolio of more than $241 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital for commercial real estate. GMACCM has specialized lending units focused on healthcare, hospitality and franchise and asset backed lending.

News releases and other information about GMACCM, its products and services are available at www.gmaccm.com.

Property photos available upon request.

GMAC Commercial Mortgage Corporation (GMACCM) makes California loans pursuant to a California Department of Corporations California Finance Lender License. GMACCM brokers California loans to other lenders pursuant to its CA Dept. of Real Estate Broker License #0039810.