Hotels on Behalf of Navnish Development, LLC
|New York, New York - September 13, 2006 - The Capital Markets Group
of Molinaro Koger (MK) announced today that the firm secured optimal financing
totaling $13.2 million for two Park City, Utah, hotel properties, the Hampton
Inn & Suites and the Holiday Inn Express & Suites on behalf of
Navnish Development, LLC (Navnish) to support the purchase of the properties.
The financing was provided by CIBC Capital Markets. Navnish has retained
Integral Hospitality Solutions, LLC (Integral) to manage the hotels.
“Navnish is a highly adept, accomplished and energetic hotel company in an active acquisition mode,” commented Ed Blum, Managing Director of MK’s Capital Markets Group. “It was a pleasure to assist them in sourcing a loan which provided attractive terms and rates, thus improving the projected return on their investments.”
Navnish selected the two properties in Park City based on the area’s growing economy, the hotels’ excellent physical condition and perceived performance upside. Originally built around three major ski resorts, Park City, Deer Valley and The Canyons, Park City is a fashionable year-round destination. It attracts more than 1.6 million skiers each year, served as one of the major venues for the 2002 Winter Olympics and hosts the world-renowned Sundance Film Festival every January.
“We are very pleased to add these two excellent properties to our portfolio. Navnish believes that the hotels’ position within a growing segment of the Park City lodging market, combined with effective management, will lead to enhanced performance and a successful investment,” commented Vamsi Bonthala, a Principal of Navnish.
“MK’s Capital Markets Group conveyed the entire project, the market and our capacity in a sophisticated and compelling package that attracted many lenders to the transaction. The financing that MK arranged is allowing Navnish to move forward decisively with our plans to improve the quality of guest experiences and reposition the hotels,” said Sheenal Patel, another Principal of Navnish.
Headed by individuals with varied experience in real estate and hospitality, Navnish is a real estate investment and development firm that focuses on the strategic acquisition, repositioning and development of commercial real estate assets, particularly mid-market full- and select-service hotels. Earlier this year, Navnish successfully acquired the Hilton Hotel, Sunrise/Fort Lauderdale, Florida, from Leisure Colony Management LLC at a significant discount to replacement cost in a transaction structured by MK.
During the last 12 months MK has structured more than $3 billion in
hotel real estate transactions and funding worldwide, including such significant
transactions as financing for Amanresort’s Le Mélézin luxury
ski resort in Courchevel 1850, in the French Alps, and the sale of the
Westin Kierland Scottsdale, Arizona. For further information about this
transaction and MK’s capital markets expertise, please contact Ed Blum
of MK’s Capital Markets Group at 703.760.9600 or via www.mkhotels.com.
About Molinaro Koger and MK Capital Markets Group
Molinaro Koger (MK) is the world’s leading hotel-exclusive real estate brokerage, advisory and capital markets firm. The company structures 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.
Molinaro Koger’s Capital Markets Group arranges hotel-specific financing, including debt, equity, and mezzanine sources, for MK’s client base, both domestically and internationally. Ed Blum, Managing Director, Capital Markets, is skilled in corporate hotel finance, investment analysis, mergers and acquisitions, venture capital, capital raising, lender and investor relations, and corporate workouts both domestically and internationally. During the past decade, Mr. Blum’s expertise and contacts have facilitated his completion of more than $3 billion in hotel financing and transactions in the United Kingdom, France, Italy, Spain, Czech Republic and the United States.
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.
About Navnish Development, LLC and Integral Hospitality Solutions, LLC
The principals of Navnish have more than 45 years combined experience in operating, investing in and developing commercial properties, with a specialty in hospitality. The company currently owns and operates real estate properties located in Delaware, Florida, Maryland, New Jersey and Utah. In addition to hotels, Navnish has invested in and managed a variety of commercial real estate assets including retail, multi-family and office. The company’s principals’ expertise in finance, accounting, law, engineering and construction assist them in guiding every aspect of the company’s operations and asset management. In total Navnish has owned and operated approximately 1,027 hotel rooms; currently Navnish owns and operates approximately 578 hotel rooms. Navnish’s strategic alliance with Integral, a developer and manager of full- and select-service hotels, ensures that Navnish’s acquisitions perform to their potential. Integral’s professionals have more than 70 years of combined experience in hotel development and management. Currently, Integral manages more than 3,000 hotel rooms comprised of 32 full- and select-service properties in 13 states. Integral’s expertise lies in transforming under-performing properties and those properties that have fallen into disfavor with their brand franchisor into profitable and viable brand representatives by maximizing all aspects of the hotels’ operations.
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|Molinaro Koger Welcomes Industry Veteran David Altobello as Vice President / August 2006|
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|Hotel Monticello of Georgetown, A European-style Luxury, Boutique Hotel, Sold by Molinaro Koger / June 2005|
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