Hotel Online  Special Report

 
Molinaro Koger Closes Sale of Renaissance Grand
Beach Resort St. Thomas; Purchased by Palace
Resorts of Cancun, Mexico

 
McLean, Virginia – November 7, 2003  –  Molinaro Koger announced today that it closed the sale of the Renaissance Grand Beach Resort, St. Thomas, U.S. Virgin Islands, for an undisclosed amount, on behalf of CTF Hotels and Resorts, a Washington, DC-based hotel investment and development group. 
The purchaser was Palace Resorts of Cancun, Mexico. Palace Resort’s acquisition of the 290-room St. Thomas resort marks the company’s first hotel located outside of Mexico. 

Formerly operated by Marriott International, the property will now be owned and managed by Palace Resorts.  Overlooking St. John Bay, the resort features a private beach and dock, two freshwater pools, two restaurants and bars and a full-service fitness center and spa. Set on a hillside above the north shore of St. Thomas, the hotel’s rooms have marble foyers, wall-to-wall carpeting, marble bathrooms with tubs and showers, and private patios or balconies.

“Palace is likely to reposition the hotel as an all-inclusive resort based on their highly successful Cancun-based model,” commented Susan Lee, Vice President, Molinaro Koger, who structured the transaction. Palace Resorts currently owns and manages six all-inclusive resorts along the Rivera Maya.

“Due to its excellent Caribbean location the Renaissance Grand Beach Resort generated high investor interest,” commented Ms. Lee. “Bidding for the property was fierce, as investor’s recognized the potential upside of the hotel. There are a variety of investors working with Molinaro Koger who are extremely interested in an acquisition of this nature for potential brand repositioning or a timeshare conversion. 

“It is clear to me the under-performing properties that require strong management and distribution channels to bring them to profitable levels are highly desirable assets. Those investors who were not successful in the St. Thomas acquisition remain interested in this location and property type.”

“This transaction represents an achievement of goals for both buyer and seller, and we are very pleased to have assisted both parties in achieving their investment goals,” said Rob Koger, President of Molinaro Koger.

“We view this sale as yet another sign that the spread between buyers and sellers has closed as the investment community shapes valuations based on the long-term prospects of hotel assets and the industry,” said Mr. Koger.
 
 

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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.
 

   
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Contact:

Molinaro Koger
1676 International Drive
Suite 575
McLean, VA 22102
703.760.9600
www.molinarokoger.com

Sharon Lemon
sharon@zestcommunications.com
 816.769.6604



 
Also See: 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


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