| Dallas, Texas � October 28, 2004 � FelCor Lodging Trust has sold the
North Dallas Crowne Plaza Hotel, located in Addison Texas, according to
Bill Stadler and Mark Rome of Molinaro Koger�s Dallas office, who advised
the Irving, TX-based lodging real estate investment trust in the transaction.
The hotel was purchased by the Tabani Group, a privately held real estate
development company based in Carrollton, Texas.
�We are pleased to continue assisting FelCor in their ongoing efforts to reposition their portfolio by selling non-strategic assets,� said Bill Stadler, Managing Director of Molinaro Koger�s Dallas office. According to Zaffar Tabani, President of The Tabani Group, his company plans to substantially renovate the hotel, retain the Crowne Plaza franchise and engage Matrix Hospitality Group to manage the property. Tabani is enthusiastic about the hotel�s future earning�s prospects. Mark Rome, Vice President, Molinaro Koger adds, �Tabani is purchasing an asset that has seen RevPAR growth exceeding 7% in 2004. As a result, they can expect to benefit from the improving local economy and increased market share following the planned renovations.� �We viewed this as an underperforming asset with tremendous upside potential given the quality and scope of renovation we have planned,� said Thomas M. Mack, President & COO of Matrix Hospitality Group. �Given the management expertise of Matrix, we see this as an excellent fit in our growing portfolio of full-service hotels.� The North Dallas Crowne Plaza Hotel is located in Addison, Texas, a growing northern suburb of Dallas. It is situated on Midway Road, approximately 1½ miles north of its intersection with I-635 (LBJ Freeway). The 429-room hotel occupies nearly seven acres of land and offers a full range of amenities and commercial services, including 28,000 square feet of meeting space, a restaurant, bar, outdoor swimming pool, exercise room, business center and gift shop. Molinaro Koger continues to prove their effectiveness in marketing unique upscale lodging facilities having recently represented clients in the sale of the Hyatt Hotel Orange County, California, the Miami Ritz Plaza located in Miami Beach�s South Beach market and the Hotel George (a member of Preferred Hotel & Resorts Worldwide) located in the heart of Capitol Hill, Washington D.C. About FelCor Lodging Trust
About Matrix Hospitality Group
About Molinaro Koger
Molinaro Koger is an international hotel real estate advisory firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles and Phoenix. Over the past decade the firm has captured the industry�s leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year. 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. �With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better 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.� Molinaro Koger can be accessed online at www.molinarokoger.com. |
