Hotel Online  Special Report

 
Molinaro Koger Structures Sale of
Hilton Hotel Pasadena, California

 
McLean, Virginia – May 13, 2004 – Continued investor appetite for full-service business class hotels in first-tier markets is demonstrated by Molinaro Koger’s announcement today that the firm structured the sale of the Hilton Hotel, Pasadena, California, on behalf of owners Angelo, Gordon & Co. and The Shidler Group.
 
Purchased by a joint venture of The Carlyle Group and Davidson Hotel Company for an undisclosed amount, the 296–room Hilton Hotel is located just north of Los Angeles, across from the Pasadena Convention Center and two miles from the famed Rose Bowl.

Recently renovated at a cost of $6 million, the hotel features a business center, fully equipped fitness center, outdoor pool with Jacuzzi, bar, restaurant, shops and 27,000 square feet of event space. Each of the hotel’s 


Hilton Pasadena
168 South Los Robles Avenue
Pasadena, CA 91101
oversized guest rooms feature state-of-the-art "Smart Desks" which include ergonomic chairs, dual line speaker phones, dataports and high-speed internet access.

“This first-class asset attracted significant investor attention,” commented Rob Koger, president of Molinaro Koger and principal broker. Natural attention combined with Molinaro Koger’s strategic marketing of the asset resulted in competitive bidding, said Mr. Koger. “The Los Angeles market is performing well and with high barriers to entry for well-located full-service properties, the Hilton Pasadena is 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.

About Angelo, Gordon & Co.

Angelo, Gordon & Co., based in New York, was founded in 1988 and has become a leading investment management firm specializing in non-traditional assets.  The company has more than 100 employees and currently manages approximately $10 billion of assets in seven distinct, but complementary, disciplines including merger arbitrage, convertible arbitrage, utility hedging, distressed securities, private equity, leveraged loans and real estate.  Angelo, Gordon's goal is to generate consistent absolute returns in all market environments.

Additional information can be found on the company's web site at www.angelogordon.com

About The Shidler Group

The Shidler Group is a national real estate organization that actively acquires commercial real estate for its own account. It currently owns and operates over 6 million square feet of commercial property throughout Texas, Arizona, Hawaii and Southern California. 

Since it’s founding in 1972, The Shidler Group and its affiliates have facilitated the acquisition of over 130 million square feet of commercial property.

About Davidson Hotel Company

Davidson Hotel Company is a full-service company providing management, development, consulting and accounting expertise for the hospitality industry. Davidson Hotel Company currently manages 22 hotels across the United States under such flags as Marriott, Renaissance, Hilton, Radisson and Holiday Inn. These hotels represent 6,000 rooms and 3,200 employees. Experienced in hotel development as well, Davidson has developed twenty hotels containing over 2,500 rooms and planned and carried out major renovations at twenty hotels containing over 5,000 rooms. These projects encompass well over $300 million in capital improvements.

Additional information can be found on the company's web site at www.davidsonhotels.com

About The Carlyle Group

The Carlyle Group is one of the world’s largest private equity firms, with more than $18 billion under management. With 23 funds across five investment disciplines (management-led buyouts, real estate, leveraged finance, venture capital and turnaround), Carlyle combines global vision with local insight, relying on a top-flight team of nearly 300 investment professionals operating out of offices in 14 countries to uncover superior opportunities in North America, Europe, and Asia.

Additional information can be found on the company's web site at www.thecarlylegroup.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 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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