Hotel Online  Special Report

 
MK Closes Portfolio Sale of Two Northeast
Fairfield Inns To Accor North America

 
Washington, DC – May 13, 2008 – Molinaro Koger (MK) announced today they facilitated the marketing and sale of two former Fairfield Inns on behalf of an undisclosed seller.  The two assets included the 130-room Fairfield Inn Buffalo-Williamsville, New York; and the 129-room Fairfield Inn Cleveland-Willoughby, Ohio.   The two well-located assets were acquired by Accor North America for an undisclosed sum and immediately converted to their rapidly expanding Motel 6 brand. 

“We are pleased to have facilitated additional corporate acquisitions for Accor, the nation's largest owner/operator of economy lodging, as they strategically grow the updated iconic brand,” commented Mark Morris, Senior Vice President for MK, who marketed the hotel and structured the transaction.  

“Investment in these high-quality properties represented a great opportunity for Accor to add two strategic Northeast hotel locations to their impressive portfolio,” added Dustin Resnick, Vice President of MK, who also worked on the transaction.  “The hotels were offered unencumbered of brand and management allowing Accor to immediately reposition the assets and further their ambitious corporate growth objectives.” 

Accor recently announced a corporate goal of 1,200 locations in North America by 2010. As a result, Motel 6 and Studio 6 are aggressively pursuing franchising and Accor is making strategic acquisitions in select locations.

“During this challenging part of the economic cycle, the committed team at Molinaro Koger continues to work diligently ? and successfully ? for our clients to close deals and maximize value,” added Mr. Morris.  

Occupying a highly visible location along heavily traveled Interstate-90 just three miles from Buffalo Niagara International Airport, the 130-room Buffalo-Williamsburg property is situated in one of Upstate New York’s premier hotel markets and recently completed a comprehensive renovation.  The new Motel 6 offers easy access to Downtown Buffalo, Niagara Falls, and the Canadian border. 

The 129-room Cleveland-Willoughby property enjoys an easily accessible location along Interstate-90 just 20 minutes north of Downtown Cleveland, Ohio.  This recently renovated property is situated in a deep corporate market home to Progressive Insurance and close to the rapidly expanding Lake West Hospital in one of Ohio’s fastest growing and wealthiest counties.

During the last 18 months MK has structured more than $4.5 billion in hotel real estate transactions in the U.S. and worldwide. For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com.
 
 

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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, New York, Phoenix, San Francisco, London, Mumbai, Beijing, and Shanghai.
MK structures the transactions of luxury hotels and resorts, in addition to urban and mid-scale properties throughout the Americas, Europe, and the Far East.  During the last 12 months MK has completed more than $4.2 billion in hotel transactions.  The firm closes, on average, more than 75 hotel transactions each year.  Each member of the MK team posses a unique perspective and invaluable insight. Together they have leading-edge expertise in every aspect of the hospitality business. 
For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or visit www.mkhotels.com.
###
Contact:

Molinaro Koger
8000 Towers Crescent 
Suite 1200
Vienna, VA 22182
703.760.9600

Sharon Lemon
slemon@mkhotels.com
1.970.769.0510


 
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Molinaro Koger Advises Ashford in Disposition of Sheraton Hotel Iowa City / April 2008
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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
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Molinaro Koger Arranges Sale of Crystal City Marriott Hotel / July 2004
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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
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