| McLean, VA � February 22, 2005 � Molinaro Koger announced today that
they brokered the sale of two Residence Inns located in metro-Portland,
Oregon, on behalf of Innkeepers USA Trust (NYSE: KPA) based in Palm
Beach, Florida. The two hotels, with a total of 232 rooms, were purchased
by CSM Lodging. Minneapolis-based CSM Lodging, which has a strong presence
in the Pacific Northwest, will manage the hotels.
�Portland�s position as one of the nation�s tightest housing markets serves to drive high occupancy and rate at each of these upscale extended stay properties. As a result, we were able to generate competitive bidding for the Residence Inns and benefit our client and their shareholders,� commented John Jameson, Managing Director of Molinaro Koger�s Chicago office, who structured the sale. The recently renovated Residence Inn Portland South, located in Lake Oswego, Oregon, has 112 suites designed primarily for extended-stay business travelers. The 120 suite Residence Inn Portland North/Vancouver, located 10 minutes from Portland International Airport, has 120 suites. Each suite has a fully equipped kitchen with refrigerator, stove, microwave, dishwasher and coffee maker, along with a separate living room area and a fireplace in select rooms. CSM Lodging will provide technology updates to each hotel in the next year to satisfy the growing needs of business travelers. A more extensive renovation will take place at the Residence Inn Portland North/Vancouver, including refurbishing all guest rooms and improving the public areas of the hotel. For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com About CSM Lodging CSM Lodging is a division of CSM Corporation which owns and operates Marriott, Hilton and Country Inn Hotels and currently has 37 hotels across the United States. CSM Corporation, founded in 1976, is headquartered in Minneapolis, Minnesota. CSM Corporation has engaged in the acquisition, development, leasing, management, and ownership of quality real estate assets. The extensive portfolio includes retail, industrial, multi-family residential, and hotel properties across the continental United States. CSM Lodging has been recognized as Marriott's "Developer of the Year" for their contribution to the tremendous growth and increase in market presence of limited service Marriott hotels. Residence Inn, with more than 440 hotels in the United States, Canada and Mexico, is a division of Marriott International, Inc., a leading worldwide hospitality company with over 2,600 lodging properties in the United States and 68 other countries and territories. About Molinaro Koger
Molinaro Koger is an international hotel real estate advisory firm. The company structures hotel transactions of boutique through luxury market segment assets 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 45-year history. Through this 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 Rob 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.mkhotels.com. |
