| McLean, Virginia � August 17, 2004 � Molinaro Koger, a leading hospitality
brokerage and advisory company, served as advisor to FelCor Lodging Trust
Incorporated in their recent sale of the Beaver Creek Lodge to The Kessler
Enterprise, Inc. Located in Avon, Colorado at the base of the Beaver
Creek Ski Mountain, the 72-unit all-suite hotel is part of a mixed-use
condominium development that also includes luxury residential units and
retail space.
Mr. Kessler, who is known for building luxury, boutique properties, plans to re-position the Beaver Creek Lodge. It will be operated as a condo-hotel and positioned as his newest AAA Four-Diamond Resort. The 72-unit, all-suite hotel will undergo a complete renovation and repositioning of the hotel/condominium units and the restaurant, including new custom designed furnishings, fixtures, carpeting, wall coverings and amenities. Kessler plans to sell the individual hotel condominium units with prices starting in the high $300,000�s. Molinaro Koger continues to prove their effectiveness in marketing unique upscale lodging facilities having recently represented clients in the sale of the Miami Ritz Plaza located in Miami Beach�s South Beach market and the Hotel George (a member of Preferred Hotel & Resorts Worldwide) located in the heart of Capital Hill, Washington D.C. About FelCor Lodging Trust FelCor is the nation's second largest lodging real estate investment
trust and the largest owner of full service, all-suite hotels. FelCor's
portfolio is comprised of 151 hotels, located in 33 states and Canada.
FelCor owns 70 upscale, all- suite hotels, and is the largest owner of
Embassy Suites Hotels(R) and Doubletree Guest Suites(R) hotels. FelCor's
portfolio also includes 71 hotels in the upscale and full service segments.
FelCor has a current market capitalization of approximately $3.0 billion.
Additional information can be found on FelCor's web site at www.felcor.com.
About Molinaro Koger Molinaro Koger is an international hotel real estate advisory firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Chicago, Cincinnati, Dallas and Los Angeles. Over the past decade the firm has captured the industry�s leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year. 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. �With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better 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. |
�This
transaction enabled our client, FelCor, to continue to execute their strategy
of selling non-strategic assets,� said Bill Stadler, Managing Director
of Molinaro Koger�s Dallas office, �while simultaneously creating an opportunity
for The Kessler Collection to expand their portfolio of luxury boutique
properties. We are pleased to have been involved in another transaction
which we believe creates value for both parties.�
