Hilton Deerfield Beach Florida
|McLean, VA – April 15, 2005 – Molinaro Koger announced today their
role as advisor to Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT),
in the sale of the Hilton Hotel Deerfield Beach, Florida. The eight-story
221-room hotel was originally acquired in 1997 by SLT Realty Limited Partnership,
an affiliate of Starwood, from Merv Griffin Holdings. The 20-year-old
property was purchased by CS Hospitality LLC, a Wisconsin Limited Liability
Company. Prism Management Company has been engaged to manage the
“The South Florida lodging market continues to attract significant investor attention given the positive lodging fundamentals together with certain barriers to entry. Molinaro Koger has recently sold 10 lodging assets between Orlando and Key West, Florida, and has received noteworthy pricing given investor focus on this geographic region,” commented Bill Stadler, Managing Director of Molinaro Koger.
The Deerfield Beach Hilton is situated at the southern end of Palm Beach County abutting the affluent community of Boca Raton and within two miles of the Atlantic Coast beaches. The hotel features a resort atmosphere and proximity to five golf courses. With a restaurant, bar, and more than 18,000 square feet of event space, the hotel serves business as well as leisure guests. The hotel’s complimentary services include a business center with access to high speed internet, a large outdoor pool, spa tub, and fitness center.
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com
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.
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|Molinaro Koger Closes Sale of Renaissance Hotel St. Thomas to Palace Resorts of Cancun, Mexico / November 2003|
|Molinaro Koger Closes Four Full-Service Hotels / November 2003|
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