 Phoenix,
Arizona � April 30, 2007 � Molinaro Koger (MK), announced today that the
firm marketed and structured the sale of the Sheraton Hotel Oklahoma City
to American Property Management Corporation (APMC) on behalf of an affiliate
of Blackstone Real Estate Acquisitions V LLC. Following the sale,
the 395-room upscale hotel will retain the Sheraton brand and undergo a
$3.8 million renovation to public spaces.
�Set in Oklahoma City�s famed Bricktown area, the Sheraton OKC is one of the city�s premier destinations as a result of its combined services, facilities and irreplaceable location connected to the city�s convention center,� commented Bill Murney, Managing Director of MK�s Phoenix office, who marketed the property and arranged the sale. �I�m pleased our ability to identify and communicate this asset�s unique attributes and value facilitated strong interest from an array of investors. Strong investor interest naturally benefited our client which is always our goal when marketing an asset,� concluded Mr. Murney. The 15-story hotel places guests in the center of the Oklahoma City entertainment district that includes the 20,000 seat Ford center, home to the NBA Hornets� 2006-2007 season, the newly renovated 200,000 square foot convention center, as well as proximity to the city�s canal water taxi and Bricktown Ballpark. The hotel�s completely renovated guest rooms feature the Sheraton Sweet Sleeper Bed, Executive Club Level accommodations, full-service business and fitness centers, and 27,000 square feet of meeting space. During the last 12 months 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 American Property Management Company Based in San Diego, APMC was ranked as the 8th largest hotel management company in the April 2006 issue of Hotel Business magazine and the 5th largest independent third-party hotel management company in the June 2006 issue of Hotel and Motel Management magazine. With a portfolio value of more than $1.6 billion, APMC currently owns and operates 45 lodging properties encompassing over 13,500 rooms and employs over 5,500 personnel throughout the United States. .
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. |
