Great Eastern Hotel Transaction
London, United Kingdom – 14 March 2006 – Molinaro Koger (MK) announced today that it acted on behalf of joint owners, Conran Holdings and the Blackstone Group, in the successful sale of the Great Eastern Hotel, London. The grade II-listed property on Liverpool Street was sold to Global Hyatt Corporate and JER Partners for £150 million. It is expected that the hotel will re-brand as a Hyatt in January 2007.
“This is one of the most significant sales in London in recent years; it indicates the on-going buoyancy of the London market and strong interest in luxury properties,” said Eric Kudlak, Managing Director, Europe, Molinaro Koger.
“With the highest average daily rate in Europe, London remains one of the most attractive locations in the world for international investors and operators, all of whom want properties in the capital. While other major brands have multiple properties, Hyatt’s presence here has been very limited, making the Great Eastern a logical fit.”
Originally a grand Victorian railway hotel, the 267-bedroom Great Eastern Hotel re-launched in 2000. Located in the heart of the City, next to Liverpool Street Station, the hotel has 12 private dining and meeting rooms, four restaurants and five bars, a health club and two retail units. Conran Holdings, which manages the hotel’s restaurants, bars and private dining rooms, will continue to provide advisory services on these activities to Hyatt/JER following the sale. The Great Eastern Hotel is held on a lease from Railtrack.
Molinaro Koger was founded in 1959 to provide specialized hotel real estate advisory services to the industry. Working exclusively in the hotel sector, the Washington DC-based company is one of the top three hotel real estate companies in the US, with 11 offices in the USA, Beijing, London and Shanghai. Recent assignments in Europe include the Prague Marriott, Forte Village in Sardinia and various properties in the UK, France, Portugal and Poland.
For further information about these transactions and current listings,
please contact Eric Kudlak at Molinaro Koger, Berkeley Square House, Second
Floor, Berkeley Square, London W1J 6BD, United Kingdom, +44.207.887.6089
or via www.mkhotels.com.
About Molinaro Koger
Molinaro Koger (MK) is an international hotel real estate brokerage, advisory and capital markets firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the world. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Beijing, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai.
Founded in 1959, Molinaro Koger successfully markets hotel real estate, sponsors limited partnerships, and arranges financing for clients. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 47-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 the best interests of our clients, regardless of economic cycles,” 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.mkhotels.com.
Berkeley Square House
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