Tempe, Arizona, Hotel Properties
|Scottsdale, Arizona – September 11, 2006 – Molinaro Koger (MK), announced
today that the firm marketed and structured the disposition of two significant
hotels in Tempe, Arizona, in the past week. MK’s Phoenix office represented
the sellers in both dispositions.
Bill Murney, Managing Director of MK’s Phoenix office, structured the
sale of the Sheraton Phoenix Airport Hotel Tempe to JER Partners on behalf
of Arizona Tempe Hotel Corporation, and structured the sale of the Holiday
Inn Tempe to Dolce Hotels on behalf of Nebco Hotel Inc.
“These sales are indicative of the hot Arizona market and a reflection of the markets’ rising rate and occupancy,” commented Mr. Murney. “Arizona is one of the nation’s premier business and leisure travel destinations. As a result, hotel investors are seeking to deploy their capital by acquiring well-branded, well-located properties in Arizona.”
JER Partners plans to invest $5 million in improvements to the Sheraton Phoenix Airport Hotel Tempe. A 210-room full-service hotel, the Sheraton is located two miles from the Phoenix Sky Harbor International Airport and is proximate to Arizona State University, Tempe Town Lake and Downtown Tempe. JER’s additional capital investment will encompass a comprehensive renovation of the hotel’s guestrooms, corridors, function space and lobby. In addition the building exterior will be painted and a new exterior Sheraton signage package will be installed. The hotel will be managed by Sage Hospitality Resources of Denver, Colorado, making the hotel JER’s 10th management partnership with Sage.
Dolce Hotels plans to rebrand the 190-room Holiday Inn Tempe and is investing $5 million in property upgrades and repositioning. Dolce’s purchase includes an additional two acres of fee simple land situated immediately adjacent to the hotel, providing for future development according to Mr. Murney.
The Tempe market has seen unprecedented appreciation of real estate values during the past several years. Downtown Tempe has become an attractive live/work/play urban environment. Home to Arizona State University and close to Sky Harbor Airport, the area has a vibrant economy and great business climate which makes Tempe highly attractive to investors, according to Mr. Murney.
During the last 12 months MK has structured more than $3 billion in
hotel real estate transactions worldwide, including such significant transactions
as the Westin Kierland Resort and Spa, Scottsdale, Arizona. For further
information about this transaction and current hotel property offerings,
please contact MK at 703.760.9600 or via www.mkhotels.com.
About Molinaro Koger
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.
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.
|Also See:||Molinaro Koger Structures Disposition of Westin Kierland Resort & Spa to Host Hotels & Resorts for $393 Million / September 2006|
|Sheraton Hotel Krakow, Poland Sold to Quinn Group for 45 Million in Transaction Structured by Molinaro Koger / August 2006|
|Molinaro Koger Welcomes Industry Veteran David Altobello as Vice President / August 2006|
|Molinaro Koger Structures Shamrock-Hostmark Acquisition of Radisson Hotel Princeton, New Jersey / May 2006|
|Molinaro Koger Structures Sale of Fairfield Inn, Scottsdale / April 2006|
|Molinaro Koger Advises on £150 Million Great Eastern Hotel Transaction / March 2006|
|Cincinnati Office of Molinaro Koger Sells Holiday Inn Cincinnati North / February 2006|
|Molinaro Koger Announces Record $2.2 Billion in Hotel Transactions in 2005 / January 2006|
|Sale of Chicago’s Omni Ambassador East Hotel Arranged by Molinaro Koger / December 2005|
|Hotel Monticello of Georgetown, A European-style Luxury, Boutique Hotel, Sold by Molinaro Koger / June 2005|
|Molinaro Koger Structures Sale of Sierra Suites® Portfolio / May 2005|
|Molinaro Koger Structures Sale of Hilton Deerfield Beach Florida / April 2005|
|Molinaro Koger Structures Sale of Two Residence Inns Portland, Oregon / February 2005|
|Molinaro Koger Structures Sale of Lenox Suites Hotel Chicago / February 2005|
|Molinaro Koger Structures Sale of Hilton College Station & Conference Center / January 2005|
|The Outstanding Year that Was: MK Records $1.3 Billion in Hotel Real Estate Transactions in 2004 / January 2005|
|Molinaro Koger Structures Sale of Marriott Suites Hotel Bethesda / December 2004|
|Molinaro Koger Arranges Sale of the Renaissance Jamaica Grande Beach Resort / December 2004|
|Hospitality Financier Edward Blum Joins Molinaro Koger / December 2004|
|FelCor Sells North Dallas Crowne Plaza Hotel, Advised by Molinaro Koger / October 2004|
|Bill Murney Joins Molinaro Koger, Opens Firm’s Phoenix Office as Managing Director / October 2004|
|Molinaro Koger Advises FelCor on the Sale of the Harvey Hotel DFW / October 2004|
|Molinaro Koger Structures Sale of Hyatt Hotel Orange County / October 2004|
|Molinaro Koger Structures Sale of Renaissance Hotel Ft. Lauderdale / September 2004|
|Molinaro Koger Structures Sale of Radission Hotel Mt. Laurel on behalf of Boykin Lodging Company / September 2004|
|Molinaro Koger Advises William Street Hotel Associates LLC on Sale of Doubletree Hotel Chicago O’Hare Airport / August 2004|
|Molinaro Koger Advises on the Sale of the Beaver Creek Lodge / August 2004|
|Molinaro Koger Arranges Sale of Crystal City Marriott Hotel / July 2004|
|Molinaro Koger Facilitates Sale of Sheraton Bucks County Hotel to Ashford Hospitality Trust / July 2004|
|Molinaro Koger Structures Sale of Sheraton Hotel Washington, DC / June 2004|
|Molinaro Koger Advises in the Sale of Miami Beach Ritz Plaza Hotel — Kimpton to Rebrand and Manage / June 2004|
|Molinaro Koger Structures Sale of Hilton Hotel Pasadena, California / May 2004|
|Molinaro Koger Closes Holiday Inn East Columbus on Behalf of B.F. Saul Company / April 2004|
|Molinaro Koger Structures Sale of Radisson Hotel Charleston / April 2004|
|Molinaro Koger Closes 82 Transactions in 2003 / January 2004|
|Thompson Calhoun Fair and Molinaro Koger Brokers Sale of 15 - Hotel Portfolio / December 2003|
|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|
|Molinaro Koger Closes 46 Transactions Through Third Quarter 2003 / October 2003|
|Molinaro Koger Selected to Market 7-Property Holiday Inn Portfolio on Behalf of FelCor / May 2003|
|Simon Allison, Former Finance Director of Hospitality Europe BV, Named Vice President, Molinaro Koger / April 2003|
|Molinaro Koger Opens Atlanta Office / Oct 2002|
|Hotel Acquisitions Continue In Tight Market Molinaro Koger Announces 39 To Date Closings / Oct 2002|
|Molinaro Koger Opens Atlanta Office / Oct 2002|