€45 Million in Transaction Structured by Molinaro Koger
United Kingdon – 9 August 2006 – Molinaro Koger (MK), announced today that
they advised Besix, NDI SA, PKO Bank Polski SA and Starwood Hotels &
Resorts Worldwide, Inc. in the disposition of the 232-room Sheraton Hotel
Krakow to the Irish-based Quinn Group for €45 million. The hotel opened
in April 2004 as a newly developed five-star property.
It will continue to be managed by Starwood and will retain the Sheraton brand. The Quinn Group has existing properties in the Czech Republic, Bulgaria, Ireland and the UK.
“We are delighted to have successfully concluded this significant transaction and to have secured a notable return for our clients, while providing Quinn Group with an exceptional opportunity to build on their investment,” said Eric Kudlak, Managing Director, Europe, Molinaro Koger.
As well as being considered the jewel of the Polish tourist market, Krakow, Poland’s second city, is one of Eastern Europe’s most dynamic business centers and rapidly becoming a preferred alternative to Warsaw for headquarters office locations of major international firms and foreign investment. A member of the EU, Poland is regarded as a reliable environment for international business with an economy that is set to maintain a strong growth rate for the foreseeable future.
“The city is only just beginning to achieve its potential as one of the region’s leading commercial and tourism centers. Performance figures to date indicate that the Sheraton Hotel Krakow has outperformed the general hotel market in terms of occupancy and rate and continues to gain momentum. Given that the central Krakow hotel market is not expecting substantial additions in terms of competitive supply, the Sheraton’s combination of strong brand and location is likely to result in improving occupancy and rate levels,” said Mr. Kudlak.
The Sheraton Hotel Krakow is in a central location, on the banks of the River Wisla, within walking distance of the city’s famous market square and Wawel Castle. The hotel has two restaurants and two bars, 500 square meters of meeting space, a health club with an indoor swimming pool, gym and sauna.
The Sheraton Hotel Krakow is one of several major hotel transaction concluded in the European Union by Molinaro Koger in the past 12 months.
The company also recently brokered the €150 million acquisition
of the Great Eastern Hotel London by Global Hyatt Corporation and JER Partners
as well as the €127.5 million acquisition of the Prague Marriott Hotel
by Walton Street Capital’s and Merrill Lynch.
Molinaro Koger (MK) is the world's leading real estate brokerage focused exclusively on hotels. An international hotel real estate brokerage, advisory and capital markets firm, MK 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.
Recent assignments in Europe by MK’s London office include the Great Eastern Hotel, London; Prague Marriott; Forte Village in Sardinia; and various properties in the UK, France, Portugal and Poland.
Founded in 1959, MK 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.
Quinn Group, founded 30 years ago as a producer of quarry products, has now grown to become one of Ireland's most successful companies. The Group has interests in the manufacture of cement and concrete products as well as container glass and general insurance. It is number two in the cement market in Ireland, and the only container glass producer on the island. In addition, the Group has a large property portfolio consisting of nine hotels, nine public houses and a fitness club and also runs the second largest general insurance business in Ireland, Quinn-direct Insurance Limited.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien® and the recently announced AloftSM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval
BESIX is today the largest Belgian construction group and belongs to BESIX Group. BESIX Group is an industrial Group of companies operating in the construction and property sectors. The Group was founded in 1909, since when it has grown steadily and impressively. In April 2004 the company was taken over in a management buy-out by nv MANOCI, retaining its Belgian anchoring, and was delisted. The largest subsidiary, BESIX, is active in practically every field of construction. In addition to the activities of BESIX, Jacques Delens, Wust, Vanhout and Lux TP in the European Union, the Group is present in Eastern Europe, North and Central Africa and the Middle East, via Six Construct. The property side of the business is in the hands of BESIX Real Estate Development. In 2005 the Group achieved revenue of more than €1 billion. BESIX Group has more than 12,000 employees worldwide.
PKO Bank Polski is the largest and oldest Polish bank. PKO Bank Polski strives to be perceived as a reliable, strong and competitive market institution that is modern and innovative, customer-friendly and effectively managed, as well as sensitive to the material and spiritual needs of society, caring for the development of its cultural awareness.
Although competition on Poland’s banking market is very strong, PKO Bank Polski has for years remained the leader both in terms of business achievements and financial results. This position is strengthened by the largest sales network.
NDI SA is one of the leading development and construction companies in Poland. Since its foundation in 1991, it has participated in the development and construction of a number of prestigious projects such as “A” class office buildings, hotels, banks, retail centers and industrial complexes, the total value of which exceeds $1 billion. Recently, the company has expanded its involvement in infrastructural projects, the result of which is its participation, both as an investor and contactor, in A1 motorway construction in Poland and, in previous years, as a consultant, at the expansion and modernization of Poland’s largest international Oke;cie airport.
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