Hotel Online  Special Report

 
Molinaro Koger Structures Sale of SpringHill Suites BWI
to Ashford Hospitality Trust on Behalf
of The Buccini/Pollin Group

 
McLean, Virginia – May 18, 2004 – Ashford Hospitality Trust’s voracious appetite for acquisition continues as demonstrated by Molinaro Koger’s announcement today that the firm closed the sale of the SpringHill Suites at Baltimore Washington International Airport to Ashford on behalf of The Buccini/Pollin Group.
 
Opened in March 2001, the SpringHill Suites-BWI Airport is located in a business park within one mile of the airport. The hotel contains 1,100 square feet of meeting space and features an indoor swimming pool and spa along with an exercise facility. The 133-suite asset will continue to be managed by PM Hospitality Strategies, an affiliate of The Buccini/Pollin Group.

“Naturally, we are pleased to have assisted in marketing the property and attractively structuring this transaction 


SpringHill Suites-BWI Airport
899 Elkridge Landing Road 
Baltimore, Maryland
on behalf of Buccini/Pollin,” commented Ali Baheri, Vice President of Molinaro Koger. 

This transaction increases Ashford’s direct hotel portfolio to 19 assets totaling 3,104 rooms. The capital committed or invested since the Dallas-based real estate investment trust’s initial public offering now totals $377 million. 

Monty J. Bennett, President and CEO of Ashford Hospitality Trust, stated, "The acquisition of SpringHill Suites-BWI Airport demonstrates the capabilities and benefits of our diversified investment strategy. This investment provides a stable initial return with NOI growth tied to property management, complementing other limited service hotels we have acquired and continuing to diversify our portfolio by brand, market and segment. Its operating performance has improved each year since opening, and the hotel enjoys a competitive location at one of the region's most active airports. The opportunity to assume low-cost debt and the lack of brand-mandated capital expenditures were other important factors in our decision. 

“We believe we are the only capital provider to the hospitality industry that is offering such a range of options to hotel owners and developers."

For further information about this transactions 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, Dallas and London, Molinaro Koger has 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 Ashford Hospitality Trust

Ashford Hospitality Trust is a self-administered real estate investment trust focused exclusively on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the company's web site at www.ahtreit.com.

About The Buccini/Pollin Group 

The Buccini/Pollin Group, Inc. ("BPG") is a privately held, full-service real estate acquisition, development and management company with offices in Washington, DC, Wilmington, Delaware, and New York City. Formed in 1993, BPG has developed and acquired hotel, office, multi-family, townhouse, industrial, retail, and parking properties in the Mid-Atlantic and Northeastern regions of the United States.

On behalf of its principals, investors and financial partners, BPG has invested over $250 million of equity in projects with a total capitalization of over $800 million. BPG has acquired and developed 3 million sq. ft. of office, industrial and retail space, over 2,000 hotel rooms (12 hotels), 365 residential units, and 1,200 covered parking spaces.

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

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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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