Hyatt Hotel Orange County
|McLean, Virginia – October 7, 2004 – Molinaro Koger announced today
that the firm has structured the sale of the Hyatt Orange County, Anaheim,
California, to Ashford Hospitality Trust, Inc. (NYSE: AHT).
“Marketing of this significant asset attracted intense investor interest given the property’s premium location and facilities,” said Rob Koger, President of Molinaro Koger, who negotiated the sale terms on behalf of the seller.
The Hyatt Orange County has 654 rooms in two towers connected with a 17-story atrium, 65,000 square feet of meeting space, an exercise facility, restaurant, Starbucks and Pizza Hut outlets, two swimming pools, a business center and a gift shop. The hotel is located approximately one mile south of the entrance to Disneyland Park, the Anaheim Convention Center, Downtown Disney District and California Adventure. The property will continue to be managed by Hyatt under a long-term management agreement.
Monty J. Bennett, President and CEO of Ashford Hospitality Trust, said, "We are very excited about the compelling immediate and future growth opportunities this acquisition provides. With the renovation complete in two months, the Hyatt will be positioned for what we believe to be the first time to take full advantage of its excellent meeting space, refreshed rooms product and an accelerating local market. By aggressively focusing on shifting the business mix to self-contained group business, implementing yield management strategies and improving its market positioning relative to the competitive set, we expect to achieve significant increases in operating performance at this property. Based on our detailed analysis of the Anaheim market, we also expect to benefit from the considerable year-to-date growth in this market area as well as Disney's 50th anniversary celebration."
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.molinarokoger.com.
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.
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