| 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.
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