ASAP ARRANGES PURCHASE OF 3 MARRIOTT PORTFOLIO ON BEHALF OF CHINESE INVESTORS
LOS ANGELES, CA, October 14, 2013 – ASAP International Holdings (“ASAP”) (OTCQB: ASAE) announced today that it has successfully advised its Chinese clients for the acquisition of the 3 Marriott portfolio closed on September 23 2013, including 224-room Fullerton Marriott at California State University, 225-room Detroit Marriott Southfield, and 222-room Atlanta Marriott Norcross.
Mr. Frank Yuan, President of ASAP stated, “The 3 Marriott acquisition was the most challenging and complicated deal we have ever encountered.” Yuan also commented “We really appreciate every party in the transaction, including Jake Stahler of HREC who arranged the financing, Starwood Mortgage Capital, the lender, HEI Hotels and Resorts, the seller, Bill Stadler from HFF representing seller, Marriott International, Crestline Hotels and Resorts, RIM Hospitality, Chicago Title, and Andrew Hanson from Sherry, Meyerhoff, Hanson & Crance LLP. Their patience and cooperation was the only way to get this deal done successfully.” Yuan added, “I am most thankful to our investors, for their total trust and support.”
ASAP International Holdings is constantly searching for more hospitality real estate and will be extremely active in the hotel industry for the foreseeable future.
ASAP is a holding company that operates real estate, investment banking and consulting for Chinese companies. Our mission is to be the bridge between China and the Western world. Our Real Estate division assists with institutional and high net worth individuals with acquisition advisory and asset management. Corporate website www.asapholdings.com
HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With 14 offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization. www.hrec.com
About Starwood Mortgage Capital
Starwood Mortgage Capital is a commercial real estate lending/securitization firm, originating commercial mortgage loans secured by retail shopping centers, office buildings, multifamily apartment complexes, hotels, mixed-use and industrial properties located in North America. Corporate website www.starwoodmortgagecapital.com/
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment firm that acquires, develops, owns and operates premium select-service, full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand families as Marriott, Starwood, Hilton and Hyatt. For more information about HEI, visit the company’s website, www.heihotels.com.
As one of the largest and most successful commercial real estate capital intermediaries in the country, HFF incorporates capital markets knowledge with local real estate expertise to successfully complete any type of real estate transaction, regardless of size or complexity. HFF consistently maintains the capital markets relationships critical to accomplishing your specific needs in today’s highly complex and rapidly shifting capital markets environment. www.hfflp.com
About Crestline Hotels & Resorts
Crestline Hotels & Resorts is an independent hospitality management company headquartered in Fairfax, Virginia, United States. Founded in 2000, the company currently manages 45 hotels, resorts and conference centers with nearly 7,600 rooms in 11 states and the District of Columbia. Crestline Hotels & Resorts manages independent properties in major US markets and also manages properties under a variety of national brands. www.crestlinehotels.com
About RIM Hospitality
Rim Hospitality is an innovative hotel management company providing forward-thinking hospitality management solutions to hotels and resorts throughout the United States. With 30 years of experience supporting hotels with complete hospitality management services, Rim Hospitality lives and breathes integrity and excellence to energize the growth and success of our clients. www.RimHospitality.com
About Sherry Meyerhoff Hanson & Crance LLP
Sherry Meyerhoff Hanson & Crance LLP is a leading legal boutique with a nationwide transactional real estate practice that is built on providing clients with high quality work, big law firm experience and personalized service. Our team takes pride in being part of a firm that puts the client first and strives to add value to every transaction through our unparalleled work ethic, the depth of our experience and our emphasis on fostering a positive, ongoing personal relationship with our clients. All clients receive partner level attention and services are provided in a cost-efficient manner using a thoughtfully selected staff of attorneys, paralegals, and professionals. www.calawyers.com
Yuki Yujia Guo
ASAP Project Manager
(213) 625-1200 ext:100
With the exception of historical information, the matters discussed in this news release include “forward-looking statements” within the meaning of the federal securities laws that are qualified by cautionary statements herein and in all company’s filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.