McLean, Virginia � May 18, 2004 � Ashford Hospitality Trust�s voracious
appetite for acquisition continues as demonstrated by Molinaro Koger�s
announcement today that the firm closed the sale of the SpringHill Suites
at Baltimore Washington International Airport to Ashford on behalf of The
Buccini/Pollin Group.
This transaction increases Ashford�s direct hotel portfolio to 19 assets totaling 3,104 rooms. The capital committed or invested since the Dallas-based real estate investment trust�s initial public offering now totals $377 million. Monty J. Bennett, President and CEO of Ashford Hospitality Trust, stated, "The acquisition of SpringHill Suites-BWI Airport demonstrates the capabilities and benefits of our diversified investment strategy. This investment provides a stable initial return with NOI growth tied to property management, complementing other limited service hotels we have acquired and continuing to diversify our portfolio by brand, market and segment. Its operating performance has improved each year since opening, and the hotel enjoys a competitive location at one of the region's most active airports. The opportunity to assume low-cost debt and the lack of brand-mandated capital expenditures were other important factors in our decision. �We believe we are the only capital provider to the hospitality industry that is offering such a range of options to hotel owners and developers." For further information about this transactions 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, Dallas and London, Molinaro Koger has 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.�
About Ashford Hospitality Trust Ashford Hospitality Trust is a self-administered real estate investment trust focused exclusively on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the company's web site at www.ahtreit.com. About The Buccini/Pollin Group The Buccini/Pollin Group, Inc. ("BPG") is a privately held, full-service real estate acquisition, development and management company with offices in Washington, DC, Wilmington, Delaware, and New York City. Formed in 1993, BPG has developed and acquired hotel, office, multi-family, townhouse, industrial, retail, and parking properties in the Mid-Atlantic and Northeastern regions of the United States. On behalf of its principals, investors and financial partners, BPG has invested over $250 million of equity in projects with a total capitalization of over $800 million. BPG has acquired and developed 3 million sq. ft. of office, industrial and retail space, over 2,000 hotel rooms (12 hotels), 365 residential units, and 1,200 covered parking spaces. Additional information can be found on the company's web site at www.bpgroup.net. |
