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MK Facilitates LaSalle Acquisition of Prime DC Hotel Property on behalf of AEW Capital Management |
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Molinaro Koger announced today their role as advisor to AEW Capital Management LP, a real estate investment advisory firm based in Boston, Massachusetts, in the sale of the Holiday Inn Downtown, Washington, DC, to LaSalle Hotel Properties (NYSE:LHO) of Bethesda, Maryland, for $44.6 million. |
One of Washington, DC's leading owners of upscale independent properties, LaSalle plans to invest more than $21 million in a renovation and rebranding of the hotel as an independent, high-style luxury property. AEW sold the property on behalf of AEW Partners IV, L.P, a real estate opportunity fund managed by AEW.
'LaSalle is the ideal acquirer of this hotly contested asset, given their successful history of purchasing assets and directing inspired reconcepts,' commented Mark Morris, Senior Vice President, of Molinaro Koger, who structured the transaction.
'AEW timed their divestment well, understanding that this asset would be of significant interest to buyers capable of capitalizing on its excellent location in one of the nation's top business travel markets. Given their well-timed disposition, investment groups in the U.S. and abroad competed to acquire the asset,' said Mr. Morris.
With 212 guestrooms, a signature rooftop pool and street-level restaurant, the Holiday Inn Downtown contains a variety of highly attractive elements. The hotel is located on Thomas Circle, in the heart of downtown Washington, DC, within a short walk of the White House, Washington Convention Center and the Smithsonian Museums.
'The DC market continues to be one of the strongest markets in the nation due to government related travel, tourism and associations that generate year-round revenues," remarked Jon Bortz, Chairman and Chief Executive Officer of LaSalle Hotel Properties. "Upon completion of the renovation and repositioning program, the hotel will be a great addition to our DC Collection. The hotel is at the center of many demand generators and will benefit from being one of the premier luxury assets in Washington, DC.'
'Clearly this market offers a premium on rate, rewarding fresh and luxurious lodging concepts. LaSalle understands this market very well and completely understood the potential in this asset,' said Mr. Morris. 'This transaction was the result of a seller who recognized the strength of the current disposition market and a buyer with the vision to discern hidden opportunity.'
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
About Molinaro Koger
Molinaro Koger (MK) is an international hotel real estate brokerage, advisory and capital markets firm. The company structures hotel 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.
About AEW Capital Management
Founded in 1981, AEW Capital Management, L.P. is a real estate investment advisory firm, providing investment management and related services to investors worldwide. AEW and its affiliates currently manage approximately $21 billion of capital, which is invested in over $30 billion of real estate and securities in North America and Europe on behalf of many of the world's leading institutional and private investors. AEW has offices in Boston, Los Angeles, Paris, London, Barcelona, Milan, Stockholm, Luxembourg, Dusseldorf, Warsaw, Budapest and Prague. AEW can be accessed online at www.aew.com.
About LaSalle Hotel Properties
LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, owning interests in 26 upscale and luxury full-service hotels, totaling approximately 8,300 guest rooms in 15 markets in 11 states and the District of Columbia. The Company focuses on investing in upscale and luxury full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier hotel operating companies, including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Crestline Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Hilton Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Sandcastle Resorts & Hotels, Davidson Hotel Company, and the Kimpton Hotel & Restaurant Group, LLC. For additional information visit the company's website at www.lasallehotels.com .
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Molinaro Koger is an international hotel real estate advisory firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the world. MK is headquartered in metro-Washington, DC, and has offices in Beijing, London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai. During 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 47-year history. Through this time, the company has grown and assisted clients in achieving their investment goals. |
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