| McLean, Virginia � September 8, 2004 � Molinaro Koger announced today
that the firm structured the recent sale of the 283-room Radisson Hotel,
Mt. Laurel, New Jersey, on behalf of Boykin Lodging Company to Highland
Hospitality for $14.5 million. Sage Hospitality will manage the asset for
Highland.
�We are extremely pleased to assist Boykin in executing their strategy of disposing of non-strategic assets to boost available capital,� said Mark Morris, Senior Vice President of Molinaro Koger, who handled the transaction in conjunction with Rob Koger, President. The sale of the property is consistent with the Boykin Lodging Company�s previously announced strategy of divesting assets and redeploying the capital into hotels located in higher growth markets. Robert W. Boykin, Chairman and Chief Executive Officer, stated, "We continue to take advantage of the strong capital markets to reposition our portfolio. Within the past month, we have closed on the sale of three non- core assets for net proceeds of approximately $52 million. We are focusing on redeploying this capital to acquire properties that we believe have greater growth potential and that are located in markets which have high barriers to entry." The Radisson Hotel Mount Laurel is located approximately 10 miles east of Downtown Philadelphia and about 17 miles from Philadelphia International Airport. The hotel is within close proximity to several corporate office parks that host such companies as Lockheed Martin, Commerce Bank, Okidata and Cendant Mortgage. The property contains approximately 12,000 square feet of flexible meeting space and provides such amenities as a heated outdoor pool, high-speed internet access, guestroom suites and a concierge floor. Highland plans to invest an additional $7.0 million to reposition the hotel and upgrade the guestrooms, meeting space, restaurant, lounge and other common areas. "The acquisition of the Radisson Hotel Mount Laurel provides Highland with another opportunity to renovate and reposition a hotel within a growing market,� said James L. Francis, Highland's President and CEO. �We intend to invest significant capital to reposition this asset as an upscale, full-service branded hotel. We believe these efforts will result in strong current returns for our shareholders and significant capital appreciation over time." �Our marketing of the Radisson Mt. Laurel generated significant investors� interest and competitive bidding,� said Mark Morris, Senior Vice President of Molinaro Koger. �Highland Hospitality was successful in obtaining the asset because they were able to quickly evaluate the opportunity and meet the seller�s needs.� For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.molinarokoger.com. About Boykin Lodging Company
About Highland Hospitality
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, Los Angeles, and London, Molinaro Koger has captured the awards for Highest Volume, Largest Transaction and Salesman of the Year 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. |
