Resort & Spa to Host Hotels & Resorts for $393 Million
|Scottsdale, Arizona – September 7, 2006 – Molinaro Koger (MK), announced
today that they advised an investment group led by Woodbine Development,
in the disposition of the Westin Kierland Resort & Spa in Scottsdale,
Arizona, to Host Hotels & Resorts for $393 million. MK represented
Kierland Resort Company, LLC, a Delaware limited liability company comprised
of affiliates of Woodbine Development Corporation of Dallas, Texas; the
Herberger Interests of Phoenix/Scottsdale, Arizona; Cook Inlet Region,
Inc., of Anchorage, Arkansas; and Starwood Hotels & Resorts Worldwide,
Inc. of White Plains, New York. Starwood Hotels & Resorts will continue
to manage the property under a long-term contract.
“Golf, resorts and spas in the Phoenix/Scottsdale market continue to draw increasing numbers of investors,” commented Rob Koger, President of MK, who structured the transaction. “The Westin Kierland Resort & Spa is one of the area’s premier destinations and one of the leading Westin properties in terms of facilities. It was a pleasure to work on this transaction and to ensure our client a capable purchaser with a sterling operational and acquisitional track record.”
From 2003 through 2005 the Phoenix/Scottsdale markets have seen unprecedented appreciation of real estate values, of both commercial and residential property. Because the Phoenix metro continues to experience strong employment and population growth, this trend is expected to continue. The area’s vibrant economy, good business climate and first-class resort atmosphere is highly attractive to investors, according to Mr. Koger.
“We anticipate this market will maintain substantial growth for several years,” commented Bill Murney, Managing Director of MK’s Phoenix office. “We are very pleased to have assisted both parties in achieving their investment goals.”
The luxurious Westin Kierland Resort, which opened in November 2002, is ideally situated on a sprawling 252 acre parcel. The hotel features 732 guestrooms, including 63 suites and 32 casita units, a scenic yet challenging 27-hole golf course and a serene full-service spa. The hotel has approximately 70,000 square feet of indoor meeting space, including a 24,600-square foot ballroom, and more than 100,000 square feet of outdoor function space.
Relative to the transaction, Christopher J. Nassetta, President and CEO of Host Hotels & Resorts, said, “We are thrilled to be acquiring this recently constructed, world-class asset in the Phoenix/Scottsdale market, which is a strong growth market in which we have been seeking greater representation.” Host Hotels & Resorts, Inc. is a lodging real estate company that currently owns or holds controlling interests in 129 luxury and upper upscale hotel properties.
During the last 12 months MK has structured more than $3 billion in hotel real estate transactions worldwide. For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com.
ABOUT HOST HOTELS & RESORTS
Host Hotels & Resorts, Inc. is a lodging real estate company that
currently owns or holds controlling interests in 129 luxury and upper upscale
hotel properties primarily operated under premium brands such as Marriott®,
Westin®, Sheraton®, Ritz-Carlton®, Hyatt®, W®, Four
Seasons®, St. Regis®, The Luxury Collection®, Fairmont®,
Hilton® and Swissôtel®*. For further information please visit
the company’s website at www.hosthotels.com.
About Molinaro Koger
Molinaro Koger (MK) is the world’s leading hotel-exclusive real estate brokerage, advisory and capital markets firm. The company structures transactions of boutique through luxury market segment assets throughout the world. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Beijing, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai.
Founded in 1959, Molinaro Koger successfully markets hotel real estate, sponsors limited partnerships, and arranges financing for clients. 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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