Sale of the Harvey Hotel DFW
|Dallas, Texas – October 14, 2004 – The Harvey Hotel, located adjacent
to the Dallas/Fort Worth International Airport, was sold today by FelCor
Lodging Trust. Bill Stadler and Mark Rome of Molinaro Koger’s Dallas
office advised the Irving, TX-based lodging real estate investment trust
in this transaction which is one of the largest single asset hotel sales
in Texas this year. The prominent 15-story hotel was purchased by
the Procaccianti Group, a privately held hotel real estate investment company
based in Rhode Island.
“We are pleased to have assisted FelCor in their ongoing efforts to reposition their portfolio by selling non-strategic assets,” said Bill Stadler, Managing Director of Molinaro Koger’s Dallas office.
The Procaccianti Group plans to invest in a significant renovation of all aspects of the hotel and to rebrand the property as a Westin Hotel.
“The buyer recognized the value enhancement opportunity of this asset through its repositioning and upscale branding along with a strengthening sub-market generated by the airport expansion,” added Mark Rome, Vice President, Molinaro Koger.
Located 1.5 miles from D/FW Airport, the Harvey Hotel encompasses 506 rooms including 58 suites and an array of amenities for business and leisure travelers highlighted by two restaurants, lounge, 37,000 square feet of meeting space, fitness room, business center and an indoor/ outdoor rooftop pool.
Molinaro Koger continues to prove their effectiveness in marketing unique upscale lodging facilities having recently represented clients in the sale of the Hyatt Hotel Orange County, California, the Miami Ritz Plaza located in Miami Beach’s South Beach market and the Hotel George (a member of Preferred Hotel & Resorts Worldwide) located in the heart of Capitol Hill, Washington D.C.
About FelCor Lodging Trust
About The Procaccianti Group
Founded in 1958, The Procaccianti Group is a full-service, privately owned real estate company that acquires, manages and rehabilitates full-service hotels. The company is engaged in hotel and commercial property acquisitions, property management and construction. The Procaccianti Group is among the top 50 hotel owner/operators in the country. Additional information can be found on the company’s website: www.procgroup.com
About Molinaro Koger
Molinaro Koger is an international hotel real estate advisory firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Chicago, Cincinnati, Dallas and Los Angeles. Over the past decade the firm has captured the industry’s leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year.
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 44-year history. Throughout that time, the company has grown and assisted clients in achieving their investment goals.
“With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better 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.
|Also See:||Molinaro Koger Structures Sale of Hyatt Hotel Orange County / October 2004|
|Molinaro Koger Structures Sale of Renaissance Hotel Ft. Lauderdale / September 2004|
|Molinaro Koger Structures Sale of Radission Hotel Mt. Laurel on behalf of Boykin Lodging Company / September 2004|
|Molinaro Koger Advises William Street Hotel Associates LLC on Sale of Doubletree Hotel Chicago O’Hare Airport / August 2004|
|Molinaro Koger Advises on the Sale of the Beaver Creek Lodge / August 2004|
|Molinaro Koger Arranges Sale of Crystal City Marriott Hotel / July 2004|
|Molinaro Koger Facilitates Sale of Sheraton Bucks County Hotel to Ashford Hospitality Trust / July 2004|
|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|