Hotel Online  Special Report

 
Molinaro Koger Facilitates Sale of Sheraton Bucks 
County Hotel to Ashford Hospitality Trust

 
McLean, Virginia – July 7, 2004 – Ashford Hospitality Trust’s continued appetite for acquisition continues, as demonstrated by Molinaro Koger’s announcement today that the firm closed the sale of the Sheraton Bucks County Hotel, Langhorne, Pennsylvania to Ashford on behalf of OPEB I, Inc.

Located just outside of Philadelphia, the hotel features big city hotel amenities and convenience combined with the relaxed comfort of a Bucks County Inn. The 187-room hotel contains 12,000 square feet of meeting space and features a full-service health club, audio and video production services, the county’s only tiered amphitheatre and the b.c. Bistro Lounge and Restaurant. 

“This significant asset attracted a variety of investor interest and bidding,” said John Jameson, Managing Director of Molinaro Koger’s Chicago office. 

The hotel also has a 56,000 square foot office building attached which gives the tenants use of the food, beverage, meeting facilities as well as a full service health club that has a strong presence with the local community.  The asset is located adjacent to Sesame Place, a popular regional amusement park and Oxford Valley Mall, one of the largest regional malls in north Philadelphia.

This transaction increases Ashford’s closed or committed direct hotel portfolio to 23 assets totaling 3,469 rooms.  The capital committed or invested since the Dallas-based real estate investment trust’s initial public offering now totals over $400 million.

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, Cincinnati, 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.

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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 Structures Sale of Sheraton Hotel Washington, DC / June 2004
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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