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Molinaro Koger Arranges Sale of Florida Hotel Portfolio to Joint Venture of Ian Schrager and RFR Holding, LLC |
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Ali Baheri, Senior Vice President of Molinaro Koger, announced that the firm had successfully acted as advisor to the Riande family of Panama in the disposition of three Florida hotels. |
Located in the Miami, South Beach, and Orlando markets, the hotels were purchased by a joint venture of Ian Schrager and RFR Holding, LLC. The properties are slated for renovation, redesign and rebranding as signature boutique concepts following the sale.
'It was a pleasure to match the Riande family with a purchaser whose combined talents make them one of our industry's most savvy investors and hoteliers,' said Mr. Baheri. 'Ian Schrager, an icon within the hotel industry, helped define South Beach when he opened the Delano 10 years ago as one of the first stark and stylish boutique hotels.
'Aby Rosen, principal of RFR, is a well-known real estate developer and patron of the arts. Together they will enhance the Riande properties.'
The 700-room portfolio, which is comprised of the Riande Continental Bayside, Miami; the Riande Continental Plaza, Orlando; and the Riande Continental South Beach; was the subject of intense investor interest. Pursuit of the portfolio was particularly strong given that the properties were located in some of the nation's leading markets. According to Mr. Baheri, more than 30 prospective purchasers bid for the Riande portfolio.
'Prior to bringing the portfolio to market, the Riande family had a variety of unsolicited offers submitted. However, they were not certain of the properties' true value nor was it clear to them which offers and potential purchasers were viable,' said Mr. Baheri.
'It was a source of great satisfaction that we were able to assist them in defining the market, making sense of the competitive environment and selecting an advantageous offer from a leading investment group capable of rapidly closing the transaction.'
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.
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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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