Wells Fargo Commercial Mortgage Provides $10.5 Million
Construction Loan for AmeriTel Inn in Salt Lake City
SALT LAKE CITY, May 19 /PRNewswire/ -- Wells Fargo Commercial Mortgage said it
has provided $10.5 million for the construction and term financing of a
133-room AmeriTel Inn in the Salt Lake City area.
The four-story hotel includes 3,155 square feet of meeting space and is located
at 250 West 600 South, ten miles southeast of the Salt Lake International
Airport and two blocks west of the TRAX light rail. AmeriTel Inns are business
class hotels that include double layers of insulation on interior walls for
superior sound reduction, double-pane glass doors and windows to reduce
exterior noise, insulation on exterior ceilings, marble and slate floor
coverings in public areas, and 24-hour services in the pool areas, fitness
centers, and business centers.
This AmeriTel Inn is owned by Hotel SLC, LLC, of which Glen Black and his
entities (including the Glen & Peggy Black Family Limited Partnership) have
majority ownership and control. Glen Black has been in hotel management since
1958 and is currently managing eleven hotels through AmeriTel Inns, Inc., his
Boise-based hotel management company. He has been a customer of Wells Fargo
since 1987, and Wells Fargo has provided construction financing for eight of
the last ten hotel projects he has built.
"Glen Black has a fantastic eighteen-year history with Wells Fargo," said
Beverly Geddes, Office Manager with Wells Fargo Commercial Mortgage in Boise,
Idaho. "Obviously his strong background in hotel management and level of
respect in the community are great assets. AmeriTel Inn is known as a premier
hotel chain in the Northwest, and that's a result of good management."
"Our thanks go to Wells Fargo," stated Glen Black, Chairman of AmeriTel Inns,
Inc. "They know us and our business well enough that we can feel confident
that the financing is in place and concentrate on our actual business goals."
Glen Black, Chairman of the Board of AmeriTel Inns, Inc., and the Black family
entered the hospitality industry in 1970. In 1992, AmeriTel Inns, Inc. was
founded and headquartered in Boise, ID. Currently, the company owns and
operates eleven upscale mid-service properties located throughout the Northwest
U.S. in Idaho, Washington, Nevada and Oregon. Visit AmeriTel at
Wells Fargo Commercial Mortgage (wellsfargo.com/cmg) provides lending,
servicing and advisory solutions to the commercial real estate industry. Their
customer base includes a broad spectrum of middle market investors and
developers throughout the United States.
Wells Fargo & Company (NYSE:WFC) is a diversified financial services company
with $436 billion in assets, providing banking, insurance, investments,
mortgage and consumer finance to more than 23 million customers from more than
6,000 stores and the internet (wellsfargo.com) across North America and
elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the
United States to receive the highest possible credit rating, "Aaa," from
Moody's Investors Service.
DATASOURCE: Wells Fargo Commercial Mortgage
CONTACT: Joe Kerwin of Wells Fargo Commercial Mortgage, +1-760-918-2700
Web site: http://wellsfargo.com/cmg
Wells Fargo (NYSE:WFC)
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