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Molinaro Koger Closes 82 Transactions in 2003

 
McLean, Virginia – January 9, 2004  –  Molinaro Koger announced today that the firm closed 82 hotel dispositions valued at $835 million in 2003. Transactions handled by the firms have ranged from Europe, the Caribbean and throughout the United States.

Some of the notable transactions include the Renaissance Grand Beach Resort, St. Thomas, the Sheraton Hotel Charleston, the Sheraton Crystal City, Virginia, and the Hotel George, Washington, DC.

“In each quarter of 2003, Molinaro Koger doubled the number of transactions closed over the previous quarter,” said Robert Koger, president of Molinaro Koger.

“This volume demonstrates that well-built, well-located hotels are maintaining desirable operating numbers and that hotel real estate is once more a sought-after investment.”

The large number of transactions conducted by the international hotel brokerage firm during is particularly notable given that analysts agree 2003 is a watershed year for hotel investment.

“There is tremendous amount of capital in the market seeking hotel assets.  This has created strong deal flow and aggressive pricing as buyers seek to acquire hotel assets in a rapidly improving operational environment,” commented Mr. Koger.

“I believe the hotel real estate market will experience an enormous transactional year in 2004.”

“Transaction size is increasing as we head into 2004,” said Mr. Koger.  “Throughout 2003 deals average in the $20-$30 million range with few properties in excess of $50 million changing hands.  We anticipate that this will change in 2004 with institutional equity firms placing larger assets on the market to take advantage of the strong market for quality hotel properties.  

“We are pleased to have been successful in marketing and closing a significant amount of properties for our clients over the past year. This success is a testament to our brokers’ tenacity, keen market insight and excellent connections within the lending community.”

For further information about these transactions and current listings, please contact Molinaro Koger at 703.760.9600 or at www.molinarokoger.com.
 

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Molinaro Koger is an international hotel real estate brokerage firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. Headquartered in metro-Washington, DC, with offices in Atlanta, Chicago, Dallas and London, Molinaro Koger has captured the awards for Highest Volume, Largest Transaction and Salesman of the Year from Hotel Brokers International for each of the past five years.

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 44-year history. Throughout that time, the company has grown and assisted clients in achieving their investment goals.

“In each portion of the cycle we gather strength, expertise and contacts. We are able to serve our clients best interests regardless of economic highs or lows,” 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.molinarokoger.com.

   
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Contact:

Molinaro Koger
1676 International Drive
Suite 575
McLean, VA 22102
703.760.9600
www.molinarokoger.com

Sharon Lemon
sharon@zestcommunications.com
 816.769.6604



 
Also See: 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


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