Hotel Online  Special Report

 
Molinaro Koger Structures Sale of 
Lenox Suites Hotel Chicago

 
CHICAGO, ILLINOIS – February 8, 2005 – Molinaro Koger announced today that they advised North Rush Street Associates, LP in the sale of Lenox Suites Hotel, Chicago, Illinois. The 324 all-suite hotel was purchased by James Hotels who will manage the property and complete a comprehensive public space and guest room renovation to position the hotel as a four-star destination.

“Given the property’s super-premium location, strong cash flow and recent VIP floor renovation, the Lenox Suites attracted significant investor interest,” said John Jameson, Managing Director of Molinaro Koger’s Chicago office, who structured the sale.

The 17-story hotel is located in the heart of downtown Chicago, one block west of Michigan Avenue's famous "Magnificent Mile" on the corner of Rush and Ontario Streets. Chicago's celebrated shopping, museums and restaurants are just steps from the hotel. The hotel features Houston’s restaurant as well as a new, fully refurbished VIP Premier Level on the 16th floor. Signature amenities for all guests include complimentary in-suite continental breakfast, weekday newspaper delivery and use of the Lenox Suites fitness center. The Lenox Suites Hotel has been a fixture in downtown Chicago since 1985 and has earned a reputation as one of the leading hotels for long and short-term corporate stays, as well as for leisure visitors and families.

The hotel is a member of Luxe Worldwide Hotels, a premier hotel representation company based in Los Angeles and comprised of more than 200 independently owned and operated hotels situated in prominent international locales. Located in a 1928 building, the landmark Lenox Suites Hotel is the only Chicago hotel in the Luxe Worldwide portfolio. The hotel’s affiliation with Luxe provides real time booking functionality, as well as online global sales, central reservations, marketing and eBusiness services. 

For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.

About Molinaro Koger
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Molinaro Koger is an international hotel real estate advisory firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the Americas and Europe. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles and Phoenix. 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 45-year history. Through this 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 Rob 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.mkhotels.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 Hilton College Station & Conference Center / January 2005
The Outstanding Year that Was: MK Records $1.3 Billion in Hotel Real Estate Transactions in 2004 / January 2005
Molinaro Koger Structures Sale of Marriott Suites Hotel Bethesda / December 2004
Molinaro Koger Arranges Sale of the Renaissance Jamaica Grande Beach Resort / December 2004
Hospitality Financier Edward Blum Joins Molinaro Koger / December 2004
FelCor Sells North Dallas Crowne Plaza Hotel, Advised by Molinaro Koger / October 2004
Bill Murney Joins Molinaro Koger, Opens Firm’s Phoenix Office as Managing Director / October 2004
Molinaro Koger Advises FelCor on the Sale of the Harvey Hotel DFW / October 2004
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


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