of Fairfield Inn, Scottsdale
Arizona—May 1, 2006—Bill Murney, Managing Director of Molinaro Koger (MK),
announced today his role as advisor to LNR Partners Inc. (NYSE: LNR), one
of the nation’s leading real estate investment, finance and management
companies, in the sale of the Fairfield Inn, Scottsdale, Arizona.
Located on Scottsdale Road across from the Scottsdale Fashion Square Mall, in the heart of Old Town Scottsdale, the 218-room property was purchased by Scottsdale Venetian Village, LLC. The purchaser plans to invest more than $3 million to convert the property to the Hotel Scottsdale, a mid-range, boutique hotel property.
‘Hotel properties located in Scottsdale are on everyone’s acquisition radar screen,” commented Bill Murney. “The market dynamics and location in Arizona provide room night demand for all market segments. Many of the existing affordable lodging alternatives in the downtown Scottsdale market are being replaced by high-end boutique properties, or high-rise condominium projects. This provides tremendous upside opportunity for the purchaser of the Fairfield Inn.”
The Scottsdale Fairfield Inn benefits from an excellent location in the midst of downtown Scottsdale’s $1 billion office, retail, and condominium development. The ongoing renaissance of downtown Scottsdale has positioned the area as a top destination for tourism, business, and second residences. As a result of recent projects in Scottsdale, area hotels are experiencing additional room night demand and growth in average daily rate (ADR). The downtown Scottsdale hotel market RevPAR was up 9.6% in 2004, and improved further with a 12% RevPAR increase in 2005.
For further information about this transaction and current listings, please contact Bill Murney of Molinaro Koger at 602.343.2323 or via firstname.lastname@example.org. For further information about the property, please contact Scottsdale Venetian Village at 480-874-1400 to speak with Caesar Perez.
About LNR Partners, Inc.
LNR Partners, Inc. is a market leader in real estate finance, management
and development, with proven expertise in adding value to commercial real
estate assets, including real estate properties, loans collateralized by
real estate properties and securities backed by loans on real estate properties.
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 world. MK is headquartered in metro-Washington, DC, and has offices in Beijing, London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai. During 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 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.
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|Simon Allison, Former Finance Director of Hospitality Europe BV, Named Vice President, Molinaro Koger / April 2003|
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|Molinaro Koger Opens Atlanta Office / Oct 2002|