Hotel Online  Special Report

 
Molinaro Koger Sells Four Hotels
for Host Hotels & Resorts

 

Washington, DC; August 24, 2009 - Molinaro Koger announced today the firm arranged the sale of four hotels on behalf Bethesda, Maryland-based Host Hotels & Resorts, Inc.  The Washington Dulles Marriott Suites, the Boston Marriott Newton, the Marriott Hotel Hanover and the Sheraton Stamford were sold to private, hospitality-focused investors.

“Located in desirable core business markets, these hotels received significant investor interest.  As a result, the bidding process returned competitive pricing for the assets,” remarked David Altobello, Vice President of MK who marketed the hotels and structured the transactions in conjunction with Rob Koger, President of MK. “Ultimately, the properties were placed with investors who will capitalize on the positioning of the assets.”

“These transactions are prime examples of the all equity trade that has gripped the commercial real estate industry,” commented Mr. Koger. “To complete transactions over the next 12 to 24 months, advisors will need to source investors who can close without financing. We believe the market has stabilized and savvy buyers understand the balance between the current risks in the market, the lack of financing, and the underlying real estate value. The value investors will look very good at the end of the next cycle.

“We were delighted to source capable buyers for Host in their selectively timed disposition,” continued Mr. Koger. “The transactions were completed in a reasonable time frame given the market uncertainties. Our entire team worked together to facilitate the divestment of these assets with smooth successful transactions. To do so they drew from decades of expertise, a depth of financial and hospitality contacts, as well as skills more recently developed to remain nimble within ever-changing market conditions.”  

The Washington Dulles Marriott Suites, which opened in 1990 and has 253 suites, is centrally positioned in the Dulles Technology Corridor of Northern Virginia. The Boston Marriott Newton, located on Commonwealth Avenue, is a full-service business class hotel with 430 rooms and 20,000 total square feet of meeting space. The Hanover Marriott in New Jersey is a full-service, upscale hotel with 353 rooms. The Sheraton Stamford Hotel opened in 1984. It has 448 rooms, including 34 suites, and more than 39,000 square feet of meeting space.

For further information about these transactions and other hotel properties offered for sale around the globe, please contact Rob Koger or David Altobello at 703.760.9600 or daltobello@mkhotels.com.

ABOUT HOST HOTELS & RESORTS  
Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company that is the largest lodging real estate investment trust and one of the largest owners of luxury and upper upscale hotels. The Company currently owns 112 properties with approximately 62,000 rooms, and also holds a minority interest in a joint venture that owns 11 hotels in Europe with over 3,500 rooms. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Four Seasons®, Hilton® and Swissôtel®* in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company’s website at www.hosthotels.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 transactions of luxury hotels and resorts, in addition to urban and mid-scale properties throughout the Americas, Europe, India, China and the Middle East.  The firm closes, on average, more than 75 hotel transactions each year.  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. 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
+1.253.304.9869


 
Also See: Molinaro Koger Arranges Financing for 141 Million Acquisition of Hotel Prince de Galles, Paris / October 2008
Molinaro Koger Structures Sale of Residence Inn by  Marriott Tewksbury, Massachusetts / June 2008
Molinaro Koger Structures Sale of Hampton Inn & Suites Lakeland, Florida / June 2008
Molinaro Koger Facilitates Sale of Holiday Inn Cleveland-East / May 2008
Molinaro Koger Arranges Sale of SunSpree Resort Orlando, Florida / May 2008
MK Closes Portfolio Sale of Two Northeast Fairfield Inns To Accor North America / May 2008
Molinaro Koger Structures Sale of Residence Inn by Marriott Lubbock, Texas / May 2008
Molinaro Koger Advises Ashford in Disposition of Sheraton Hotel Iowa City / April 2008
Molinaro Koger Arranges Sale of Chicago-area AmeriSuites to Noble Investment Group / April 2008
Molinaro Koger Advises Procaccianti in Sale of Marriott Hotel Richmond / April 2008
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Molinaro Koger Facilitates Sale of BWI Airport Marriott to European Joint Venture / December 2007
Molinaro Koger Capital Markets Arranges 20 Million Re-Financing for Canyon Equity’s Amanresort Le Mélézin / October 2007
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MK Capital Markets Secures Financing for Two Park City Hotels on Behalf of Navnish Development, LLC / September 2006
Molinaro Koger Structures Sale of Two Tempe, Arizona, Hotel Properties / September 2006
Molinaro Koger Structures Disposition of Westin Kierland Resort & Spa to Host Hotels & Resorts for $393 Million / September 2006
Sheraton Hotel Krakow, Poland Sold to Quinn Group for 45 Million in Transaction Structured by Molinaro Koger / August 2006
Molinaro Koger Welcomes Industry Veteran David Altobello as Vice President / August 2006
Molinaro Koger Structures Shamrock-Hostmark Acquisition of Radisson Hotel Princeton, New Jersey / May 2006
Molinaro Koger Structures Sale of Fairfield Inn, Scottsdale / April 2006
Molinaro Koger Advises on £150 Million Great Eastern Hotel Transaction / March 2006
Cincinnati Office of Molinaro Koger Sells Holiday Inn Cincinnati North / February 2006
Molinaro Koger Announces Record $2.2 Billion in Hotel Transactions in 2005 / January 2006
Sale of Chicago’s Omni Ambassador East Hotel Arranged by Molinaro Koger / December 2005
Hotel Monticello of Georgetown, A European-style Luxury, Boutique Hotel, Sold by Molinaro Koger / June 2005
Molinaro Koger Structures Sale of Sierra Suites® Portfolio / May 2005
Molinaro Koger Structures Sale of Hilton Deerfield Beach Florida / April 2005
Molinaro Koger Structures Sale of Two Residence Inns Portland, Oregon / February 2005
Molinaro Koger Structures Sale of Lenox Suites Hotel Chicago / February 2005
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
Molinaro Koger Arranges Sale of the Renaissance Jamaica Grande Beach Resort / December 2004
Hospitality Financier Edward Blum Joins Molinaro Koger / December 2004
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Molinaro Koger Advises FelCor on the Sale of the Harvey Hotel DFW / October 2004
Molinaro Koger Structures Sale of Hyatt Hotel Orange County / October 2004
Molinaro Koger Structures Sale of Renaissance Hotel Ft. Lauderdale / September 2004
Molinaro Koger Structures Sale of Radission Hotel Mt. Laurel on behalf of Boykin Lodging Company / September 2004
Molinaro Koger Advises William Street Hotel Associates LLC on Sale of Doubletree Hotel Chicago O’Hare Airport / August 2004
Molinaro Koger Advises on the Sale of the Beaver Creek Lodge / August 2004
Molinaro Koger Arranges Sale of Crystal City Marriott Hotel / July 2004
Molinaro Koger Facilitates Sale of Sheraton Bucks County Hotel to Ashford Hospitality Trust / July 2004
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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