Hotel Online  Special Report

 
Molinaro Koger Advises in the Sale
of Miami Beach Ritz Plaza Hotel;
Kimpton to Rebrand and Manage

 

McLean, Virginia Ė June 9, 2004 Ė Molinaro Koger announced today that they advised RPH Hotel Associates, LLC in the sale of the 132-room Ritz Plaza Hotel, Miami Beach, Florida, to an investment group led by Makar Properties, LLC.

The beachfront historic landmark property is located in the heart of Miamiís South Beach district, adjacent to Ian Schragerís Delano Hotel and the recently opened Ritz Carlton Hotel. The new owners have proposed a significant renovation and expansion to the existing 12-story tower. Kimpton Hotel and Restaurant Group will provide brand and management to the renovated hotel making this their first Florida project. 

"The hotelís irreplaceable oceanfront location, striking art deco design, and expansion opportunity attracted significant attention from both domestic and international investors," said William Stadler, Managing Director of Molinaro Koger. 

For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.molinarokoger.com.
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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, Cincinnati, Dallas and London, Molinaro Koger captured the awards for Highest Volume, Largest Transaction and Salesman of the Year from Hotel Brokers International five times in the past decade.

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 45-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 Structures Sale of Hilton Hotel Pasadena, California / May 2004
Molinaro Koger Closes Holiday Inn East Columbus on Behalf of B.F. Saul Company / April 2004
Molinaro Koger Structures Sale of Radisson Hotel Charleston / April 2004
Molinaro Koger Closes 82 Transactions in 2003 / January 2004
Thompson Calhoun Fair and Molinaro Koger Brokers Sale of 15 - Hotel Portfolio / December 2003
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


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