Hotel Online  Special Report

 
Molinaro Koger Structures Sale
of Fairfield Inn, Scottsdale

 
Phoenix, Arizona—May 1, 2006—Bill Murney, Managing Director of Molinaro Koger (MK), announced today his role as advisor to LNR Partners Inc. (NYSE: LNR), one of the nation’s leading real estate investment, finance and management companies, in the sale of the Fairfield Inn, Scottsdale, Arizona. 

Located on Scottsdale Road across from the Scottsdale Fashion Square Mall, in the heart of Old Town Scottsdale, the 218-room property was purchased by Scottsdale Venetian Village, LLC.  The purchaser plans to invest more than $3 million to convert the property to the Hotel Scottsdale, a mid-range, boutique hotel property.  

‘Hotel properties located in Scottsdale are on everyone’s acquisition radar screen,” commented Bill Murney. “The market dynamics and location in Arizona provide room night demand for all market segments.  Many of the existing affordable lodging alternatives in the downtown Scottsdale market are being replaced by high-end boutique properties, or high-rise condominium projects.  This provides tremendous upside opportunity for the purchaser of the Fairfield Inn.” 

The Scottsdale Fairfield Inn benefits from an excellent location in the midst of downtown Scottsdale’s $1 billion office, retail, and condominium development. The ongoing renaissance of downtown Scottsdale has positioned the area as a top destination for tourism, business, and second residences. As a result of recent projects in Scottsdale, area hotels are experiencing additional room night demand and growth in average daily rate (ADR). The downtown Scottsdale hotel market RevPAR was up 9.6% in 2004, and improved further with a 12% RevPAR increase in 2005.

For further information about this transaction and current listings, please contact Bill Murney of Molinaro Koger at 602.343.2323 or via bmurney@mkhotels.com. For further information about the property, please contact Scottsdale Venetian Village at 480-874-1400 to speak with Caesar Perez.

About LNR Partners, Inc.

LNR Partners, Inc. is a market leader in real estate finance, management and development, with proven expertise in adding value to commercial real estate assets, including real estate properties, loans collateralized by real estate properties and securities backed by loans on real estate properties. 
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About Molinaro Koger

Molinaro Koger is an international hotel real estate advisory firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the world. MK is headquartered in metro-Washington, DC, and has offices in Beijing, London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai. During 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 47-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 the best interests of our clients, regardless of economic cycles,” 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.mkhotels.com.

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Contact:

Sharon Lemon
slemon@mkhotels.com
+1.651.324.8469 


 

 
Also See: Molinaro Koger Advises on £150 Million Great Eastern Hotel Transaction / March 2006
Cincinnati Office of Molinaro Koger Sells Holiday Inn Cincinnati North / February 2006
Molinaro Koger Announces Record $2.2 Billion in Hotel Transactions in 2005 / January 2006
Sale of Chicago’s Omni Ambassador East Hotel Arranged by Molinaro Koger / December 2005
Hotel Monticello of Georgetown, A European-style Luxury, Boutique Hotel, Sold by Molinaro Koger / June 2005
Molinaro Koger Structures Sale of Sierra Suites® Portfolio / May 2005
Molinaro Koger Structures Sale of Hilton Deerfield Beach Florida / April 2005
Molinaro Koger Structures Sale of Two Residence Inns Portland, Oregon / February 2005
Molinaro Koger Structures Sale of Lenox Suites Hotel Chicago / February 2005
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
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Molinaro Koger Advises FelCor on the Sale of the Harvey Hotel DFW / October 2004
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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
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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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