Hotel Online  Special Report

 
Molinaro Koger Structures Sale of
Sheraton Hotel Washington, DC 

 
McLean, Virginia – June 18, 2004 – The investment community’s voracious appetite for business-class hotels located in first-tier markets is demonstrated by Molinaro Koger’s announcement today that the firm structured the rapid sale of the Sheraton Hotel, Washington, DC, on behalf of the Stephen A. Goldberg Company, a prominent DC real estate development company, in the wake of highly competitive bidding.

Purchased by an affiliate of The JBG Companies of Chevy Chase, Maryland, for an undisclosed amount, the 265–room property is located on 12th and K Streets in an upscale DC business district. JBG is currently developing a Class A office building across from the hotel site. 

The hotel features celebrity chef Tom Powers’ restaurant Corduroy, a roof-top pool, business center, fully equipped fitness center, underground parking and 9,400 square feet of event space. 

“This first-class asset attracted significant investor attention,” commented Mark Morris, vice president of Molinaro Koger who structured the transaction. 

“Hotel properties in the District typically generate strong interest and this hotel, due to it excellent location and combined with strategic marketing of the asset resulted in competitive bidding,” said Mr. Morris. 

“The DC market is performing well and with high barriers to entry for well-located full-service properties, the Sheraton was a prime acquisition.” 

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
651.324.8469


 
Also See: Molinaro Koger Advises in the Sale of Miami Beach Ritz Plaza Hotel — Kimpton to Rebrand and Manage / June 2004
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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