Holiday Inn Portfolio on Behalf of FelCor
|McLean, Virginia – April 29, 2003 – On behalf of its client, FelCor
Lodging Trust, Incorporated (NYSE: FCH), Molinaro Koger has been selected
to market the sale of a seven-property portfolio of Holiday Inn® hotels
located in Texas and Arkansas.
The portfolio consists of the following Holiday Inn® branded hotels:
“We are pleased to enter into this relationship with Molinaro Koger, a highly effective specialist in hotel real estate services,” said Michael A. DeNicola, FelCor’s Executive Vice President and Chief Investment Officer. “MK and its team of brokers have a notable track record of success that will allow us to accomplish our goal of divesting these non-strategic hotels from FelCor’s portfolio.”
“Each of these properties is located in a strong, regional drive-to market,” said Bill Stadler, Managing Director of Molinaro Koger, who directs the firm’s Texas operations from their Dallas office.
“As data from Smith Travel Research has demonstrated over the past 18
months, markets such as these continue to perform well despite the current
slow down in travel demand patterns for fly-to locations. For example,
the Midland Odessa lodging market experienced increases in room revenue
of 3.6 percent for the trailing twelve months ending February 2003.”
The 248-room Holiday Inn Amarillo, Texas, is strategically located on Interstate 40 just one mile from the heart of the central business district and proximate to the American Quarter Horse Museum and Tri-State Fairground. The property is notable for achieving a 10% increase in revenue between 2001 and 2002. Its facilities include 2,600 square-feet of meeting space, the Bristol Café and Brass Rail Lounge, interior corridors and a “Holidome” area with swimming pool, whirlpool, video arcade and sun terrace.
The 245-room Holiday Inn Hotel & Suites in Odessa, Texas, is well-located proximate to the Odessa central business district. Situated on more than 10 acres of fee simple land, the property includes approximately 2 acres of undeveloped excess land. Demand for Polly’s Restaurant, Toby’s Lounge and the hotel’s 19,000 square feet of meeting space generates more than $1.1 million in food and beverage revenue annually.
The 210-room Holiday Inn Hotel in Texarkana, Arkansas, benefits from a location bordering two states (Texas and Arkansas) in a market with a diverse, growing economy. Located near Interstate 30, downtown Texarkana, the Texarkana Regional Airport and prominent local corporations, the hotel has a variety of demand generators. The Holiday Inn Hotel Texarkana features 3,648 square feet of meeting space, restaurant space leased to Red Lobster, and a “Holidome” area with indoor pool, whirlpool, lounge, terrace and game area.
The 170-room Holiday Inn in Waco, Texas, is located on Interstate 35, adjacent to Baylor University and adjacent to one of the sites being considered for the George W. Bush Presidential Library. The Waco market is centrally located in the heart of Texas’ manufacturing and technology corridor on I-35. The 4-story interior corridor hotel also benefits from proximity to downtown Waco and the Waco Convention Center.
"Each of the hotels have historically performed well and continue to
generate positive NOI,” said Mr. Stadler. “We anticipate a sizeable level
of buyer interest and a timely disposition on behalf of our client.”
FelCor is the nation's second largest lodging real estate investment trust (REIT) and the nation’s largest owner of full service, all-suite hotels. FelCor's consolidated portfolio consists of 169 hotels, located in 35 states and Canada. FelCor owns 77 full service, all-suite hotels, and is the largest owner of Embassy Suites Hotels® and Doubletree Guest Suites® hotels. FelCor's portfolio also includes 83 hotels in the upscale and full service segments. FelCor has a current market capitalization of approximately $2.8 billion. Additional information can be found on the Company's Web site at www.felcor.com.
Molinaro Koger is an international hotel real estate brokerage firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. Headquartered in metro-Washington, DC, with offices in Atlanta, Chicago, Dallas and London, Molinaro Koger has captured the awards for Highest Volume, Largest Transaction and Salesman of the Year from Hotel Brokers International each of the past five years.
Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger has successfully marketed hotel real estate, sponsored limited partnerships, and arranged financing for purchasers. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 42-year history. Throughout that time, the company has grown and assisted clients in achieving their investment goals.
“In each portion of the cycle we gather strength, expertise and contacts. We are able to serve our clients best interests regardless of economic highs or lows,” says President Robert Koger. “The results we achieve are directly attributable to the commitment and expertise of our professional staff.”
Molinaro Koger can be accessed online at www.molinarokoger.com.
1676 International Drive
McLean, VA 22102
|Also See:||Simon Allison, Former Finance Director of Hospitality Europe BV, Named Vice President, Molinaro Koger / April 2003|
|Molinaro Koger Opens Atlanta Office / Oct 2002|
|Hotel Acquisitions Continue In Tight Market Molinaro Koger Announces 39 To Date Closings / Oct 2002|
|Molinaro Koger Opens Atlanta Office / Oct 2002|