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of Miami Beach Ritz Plaza Hotel; Kimpton to Rebrand and Manage |
McLean, Virginia � June 9, 2004 � Molinaro Koger announced today that they advised RPH Hotel Associates, LLC in the sale of the 132-room Ritz Plaza Hotel, Miami Beach, Florida, to an investment group led by Makar Properties, LLC. The beachfront historic landmark property is located in the heart of Miami�s South Beach district, adjacent to Ian Schrager�s Delano Hotel and the recently opened Ritz Carlton Hotel. The new owners have proposed a significant renovation and expansion to the existing 12-story tower. Kimpton Hotel and Restaurant Group will provide brand and management to the renovated hotel making this their first Florida project. "The hotel�s irreplaceable oceanfront location, striking art deco design, and expansion opportunity attracted significant attention from both domestic and international investors," said William Stadler, Managing Director of Molinaro Koger. For further information about this transaction and current listings,
please contact Molinaro Koger at 703.760.9600 or via www.molinarokoger.com.
About Molinaro Koger 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, Cincinnati, Dallas and London, Molinaro Koger captured the awards for Highest Volume, Largest Transaction and Salesman of the Year from Hotel Brokers International five times in the past decade. 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. 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." Molinaro Koger can be accessed online at www.molinarokoger.com. |
Molinaro Koger
Sharon Lemon
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