LOS ANGELES, Sept. 5, 2012 -- ASAP Expo Incorporated (OTCQB: ASAE) today announced that it has arranged the purchase of the 222-room Embassy Suites – Anaheim-North for $25.5 million on behalf of Urban Commons, LLC. FelCor Lodging Trust Incorporated has sold the property as part of its long-term portfolio repositioning strategy. ASAP International Holdings also arranged CMBS senior debt from Morgan Stanley as part of the purchase.
Taylor Woods, President of Urban Commons, LLC stated, "We are pleased to be able to close on another hospitality acquisition with the support of ASAP International and to continue to build our portfolio of trophy properties."
Frank Yuan, CEO of ASAP International stated, "Urban Commons has been aggressively adding more assets to their portfolio and we are happy to help them with their transactions. We are working diligently to assist in several more real estate purchases in the near future as well."
About ASAP International Holdings
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.
About Urban Commons
Urban Commons, a Los Angeles based real estate investment firm, specializes in hospitality and residential income generating assets. Urban Commons targets income property acquisitions in highly populated, predictable markets. Additional information can be found on the Company's Web site at www.urban-commons.com
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
FelCor, a real estate investment trust, owns 69 primarily upper-upscale, full-service hotels that are located in major and resort markets throughout 22 states. FelCor partners with leading hotel companies to operate its diversified portfolio of hotels, which are flagged under globally recognized names such as, Doubletree®, Embassy Suites®, Fairmont®, Hilton®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®, and premier independent hotels in New York. Additional information can be found on the Company's Web site at www.felcor.com.
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.
SOURCE ASAP Expo Incorporated