of Radisson Hotel Princeton, New Jersey
McLean, Virginia — May 30, 2006 — Molinaro Koger (MK), announced today that the firm advised the seller in the disposition of the Radisson Hotel Princeton in Princeton, New Jersey, which was acquired by Shamrock-Hostmark Hotel Fund LP. Following the sale, the 241-room property will undergo an $8 million renovation and be converted to the Doubletree Hotel brand.
“This was a strategic acquisition for Shamrock-Hostmark and will be an asset to their growing hotel portfolio,” commented Mark Morris, Senior Vice President, Molinaro Koger, who structured the transaction. “The property, which occupies a prime location on an eight acre parcel in Princeton, was obtained at a discount to our estimated replacement cost of $35 million.”
Located close to Dow Jones' headquarters, Bristol-Myers Squibb, and Princeton University, the hotel’s features include more than 7,000 square feet of meeting space, a fitness center, indoor swimming pool and whirlpool, Old City Grill restaurant, lounge and room service. The renovation is designed to enhance the property’s many outstanding features. The purchasers anticipate their renovations to the property will offer an inviting atmosphere and first-class services pleasing to business and leisure travelers alike.
Their purchase of the Radisson Princeton hotel is Shamrock-Hostmark Hotel Fund LP’s second hotel acquisition. Additionally, the Fund has recently gone under contract for its third acquisition: an upscale, full-service hotel in a major metropolitan area of Texas.
"These two new assets represent excellent examples of the types of acquisitions the fund has made and will continue to make over the coming months," George Buchler, Vice President, Shamrock-Hostmark Hotel Fund LP. "The Fund intends to seek out high-quality hotels that would benefit from enhanced management expertise and/or market repositioning through further investment," Mr. Buchler added.
“It was truly a pleasure to provide our client with a knowledgeable purchaser capable of decisive due diligence and timely closing,” commented Mr. Morris.
For further information about this transaction and current listings,
please contact Molinaro Koger at 703.760.9600 www.mkhotels.com.
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.
About Shamrock-Hostmark Fund, LP
Co-sponsored by Shamrock Holdings of California and Hostmark Hospitality Group, Shamrock-Hostmark LP actively pursues value-added, full-service and select-service hotels in urban markets. The Fund's objective is to acquire hotels that require redevelopment, renovation, rebranding and investment management that will provide significant value.
Hostmark Hospitality Group (www.hostmark.com) is a leading hospitality management firm operating upscale full-service hotels and resorts and select-service hotels worldwide. Hostmark has a proven long-standing reputation for performance-driven results through superior operating and asset management standards. Headquartered in Schaumburg, IL, Hostmark has regional offices in Boulder, CO, and Cairo, Egypt.
Shamrock Holdings of California, Inc. (www.shamrock.com) was founded in 1978 as the investment vehicle for the Roy E. Disney family. Since that time, Shamrock has invested more than $2 billion in real estate and private equity transactions across a broad range of property types and industries. Shamrock currently manages five private equity and real estate funds comprising roughly $1 billion of equity capital.
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