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Disposition of the Embassy Suites Phoenix Airport |
Phoenix,
Arizona � May 7, 2007 � Molinaro Koger (MK), announced today that the firm
advised Ashford Hospitality Trust (NYSE AHT) in the disposition of the
Embassy Suites Phoenix Airport. Acquired by NCH Corporation for $25 million,
the hotel is ideally located just minutes from Sky Harbor Airport and the
trendy downtowns of Scottsdale and Tempe. The 229-all-suite asset marks
the sixth hotel property owned by NCH in the state of Arizona.
�Due to its proximity to the airport, The Embassy Suites attracts significant demand from a sustaining mix of leisure and corporate travelers including significant demand from such area Fortune 500 companies as Honeywell, Qwest and IBM,� commented Bill Murney, Managing Director of MK�s Phoenix office, who marketed the property and arranged the sale. �The property�s all-suite configuration and Hilton affiliation provides a competitive advantage over other hotels in the area. Following this transaction, the hotel will undergo a $3 million renovation to provide the highest quality all-suite accommodation in the Phoenix airport market,� commented Mr. Murney. During the past five years the Phoenix area has seen unprecedented growth in hotel performance. The market is expected to continue this substantial growth rate. Embassy Suites� brand performance and the central location of this property are as attractive to investors as they are to the continuous stream of business and leisure travelers who choose to stay at the hotel. The Embassy Suites Phoenix Airport offers guests the Agave Grill, a full-service restaurant specializing in flavorful southwestern cuisine. The hotel�s array of amenities include more than 10,000 square feet of meeting space, full-service business and fitness centers, an outdoor heated swimming pool, complimentary cooked-to-order breakfast, and a guest airport shuttle for optimal travel convenience. In the last year MK has structured more than $3 billion in hotel real
estate 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 Molinaro Koger Founded in 1959, Molinaro Koger (MK) is the world�s leading hotel-exclusive real estate brokerage, advisory and capital markets firm. MK provides clients with unparalleled service and commitment. During the past four decades the company has closed more than $15 billion in hotel property sales. Headquartered in Washington, DC, MK�s offices are located in Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco, London, Beijing, and Shanghai. MK structures the transactions of luxury hotels and resorts, and urban and mid-scale properties throughout the Americas, Europe, and the Far East. In the last 12 months MK has completed more than $3 billion in hotel transactions. The firm closes, on average, more than 75 hotel property sales each year. MK employs 20 hospitality advisor professionals and 40 support staff in administration, marketing, finance, technology and operations. Each member of the MK team possesses a unique perspective and invaluable insight. Together they have leading-edge expertise in every aspect of the hospitality business. The tremendous pool of talent among MK�s professionals makes for a powerful, results-driven sales team. MK can be accessed online at www.mkhotels.com. |
Sharon Lemon
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