Brokers Sale of 15 - Hotel Portfolio
|Atlanta, Georgia, December 30, 2003 – Thompson Calhoun Fair and Molinaro
Koger announced today they advised a Chicago-based lender in the disposition
of a 15-property portfolio consisting of 13 Cross Country Inns, one Best
Western and one Super 8 hotel. Located in urban and suburban markets in
Ohio and Kentucky, the properties comprised 1,816 rooms. The portfolio
was sold to Core Properties Ltd., a Columbus-based company, for an undisclosed
The portfolio was jointly listed and marketed by Atlanta-based Thompson Calhoun Fair and Washington, DC-based Molinaro Koger.
“The lender’s desire to dispose of these significant assets before year-end 2003 was well-served through our mutual efforts,” said H. Keith Thompson of Thompson Calhoun Fair. Terry O’Brien of Molinaro Koger, concurs, crediting improving market conditions and significant buyer interest.
“Our firms’ mutual efforts provided highly targeted analysis and marketing resulting in 80 individual offers and four portfolio offers. We were able to quickly identify several qualified investor groups motivated by the potential return of this package of properties in an enhanced operating environment,” said Mr. O’Brien.
“The transaction environment accelerated as 2003 ended,” confirms Mr. Thompson. “The interest generated by the portfolio and its rapid sale confirms our belief that 2004 will see the highest level of hotel real estate transactions in several years.”
Core Properties Ltd. in conjunction with Indus Companies is pleased
to be the successful bidder for this portfolio. The new ownership group
plans to resell several assets, reposition, renovate and rebrand the balance
of the portfolio.
About Thompson Calhoun Fair
Thompson Calhoun Fair was formed to focus on servicing the transaction needs of clients in the mid-tier segment of the hotel industry, those ranging from $5 to $30 million in asset value. The three principals, H. Keith Thompson, Al Calhoun and Mark G. Fair, each bring over 20 years experience in virtually all disciplines of hotel real estate, and are widely regarded as the highest producing brokers in the industry in the mid-tier segment.
The principals of TCF are high-integrity, career hotel brokerage professionals with credible industry relationships. The TCF principals have successfully closed over 325 hotel transactions valued at over $2.6 billion within the current and most recent real estate cycle. The team was awarded eight individual sales awards from the largest organization of hotel brokers. Given their practical, hands-on approach, one of the greatest assets that TCF brings to an engagement is a clear understanding of hotel operations and the allure of a good investment opportunity. TCF approaches a transaction or assignment with the goal of enhancing the upside potential of the asset, allowing the client or the prospective investor to fully understand how to maximize returns on the investment.
Founded in 2000, Thompson Calhoun Fair is headquartered in Atlanta. Thompson Calhoun Fair can be found on the Web at www.tcfhotels.com.
About Molinaro Koger
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 for 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 44-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.
|Also See:||Molinaro Koger Closes Sale of Renaissance Hotel St. Thomas to Palace Resorts of Cancun, Mexico / November 2003|
|Molinaro Koger Closes Four Full-Service Hotels / November 2003|
|Molinaro Koger Closes 46 Transactions Through Third Quarter 2003 / October 2003|
|Molinaro Koger Selected to Market 7-Property Holiday Inn Portfolio on Behalf of FelCor / May 2003|
|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|