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McLean, Virginia � January 9, 2004 � Molinaro Koger announced
today that the firm closed 82 hotel dispositions valued at $835 million
in 2003. Transactions handled by the firms have ranged from Europe, the
Caribbean and throughout the United States.
Some of the notable transactions include the Renaissance Grand Beach Resort, St. Thomas, the Sheraton Hotel Charleston, the Sheraton Crystal City, Virginia, and the Hotel George, Washington, DC. �In each quarter of 2003, Molinaro Koger doubled the number of transactions closed over the previous quarter,� said Robert Koger, president of Molinaro Koger. �This volume demonstrates that well-built, well-located hotels are maintaining desirable operating numbers and that hotel real estate is once more a sought-after investment.� The large number of transactions conducted by the international hotel brokerage firm during is particularly notable given that analysts agree 2003 is a watershed year for hotel investment. �There is tremendous amount of capital in the market seeking hotel assets. This has created strong deal flow and aggressive pricing as buyers seek to acquire hotel assets in a rapidly improving operational environment,� commented Mr. Koger. �I believe the hotel real estate market will experience an enormous transactional year in 2004.� �Transaction size is increasing as we head into 2004,� said Mr. Koger. �Throughout 2003 deals average in the $20-$30 million range with few properties in excess of $50 million changing hands. We anticipate that this will change in 2004 with institutional equity firms placing larger assets on the market to take advantage of the strong market for quality hotel properties. �We are pleased to have been successful in marketing and closing a significant amount of properties for our clients over the past year. This success is a testament to our brokers� tenacity, keen market insight and excellent connections within the lending community.� For further information about these transactions and current listings,
please contact Molinaro Koger at 703.760.9600 or at www.molinarokoger.com.
Molinaro Koger is an international hotel real estate brokerage firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. Headquartered in metro-Washington, DC, with offices in Atlanta, Chicago, Dallas and London, Molinaro Koger has captured the awards for Highest Volume, Largest Transaction and Salesman of the Year from Hotel Brokers International for each of the past five years. Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger has successfully marketed hotel real estate, sponsored limited partnerships, and arranged financing for purchasers. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 44-year history. Throughout that time, the company has grown and assisted clients in achieving their investment goals. �In each portion of the cycle we gather strength, expertise and contacts.
We are able to serve our clients best interests regardless of economic
highs or lows,� says President Robert Koger. �The results we achieve are
directly attributable to the commitment and expertise of our professional
staff.�
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Molinaro Koger
Sharon Lemon
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