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Hotel Industry News |
Saturday November 22nd, 2008 |
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Molinaro Koger And Thompson Calhoun Fair Broker Sale Of 15-Hotel Portfolio |
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McLean, Virginia, December 30, 2003 –Molinaro Koger and Thompson Calhoun Fair announced today they advised a Chicago-based lender in the disposition of a 15-property portfolio consisting of 13 Cross Country Inns, one Best Western and one Super 8 hotel. Located in urban and suburban markets in Ohio and Kentucky, the properties comprised 1,816 rooms. |
The portfolio was sold to Core Properties Ltd., a Columbus-based company, for an undisclosed amount.
The portfolio was jointly listed and marketed by Washington, DC-based Molinaro Koger and Atlanta-based Thompson Calhoun Fair.
“The lender’s desire to dispose of these significant assets before year-end 2003 was well-served through our mutual efforts,” said H. Keith Thompson of Thompson Calhoun Fair. Terry O’Brien, Vice President of Molinaro Koger, concurs, crediting improving market conditions and significant buyer interest.
“Our firms’ mutual efforts provided highly targeted analysis and marketing resulting in 80 individual offers and four portfolio offers. We were able to quickly identify several qualified investor groups motivated by the potential return of this package of properties in an enhanced operating environment,” said Terry O’Brien.
“The transaction environment accelerated as 2003 ended,” confirms Mr. Thompson. “The interest generated by the portfolio and its rapid sale confirms our belief that 2004 will see the highest level of hotel real estate transactions in several years.”
Core Properties Ltd. in conjunction with Indus Companies is pleased to be the successful bidder for this portfolio. The new ownership group plans to resell several assets, reposition, renovate and rebrand the balance of the portfolio.
For further information about these transactions and current listings, please contact the hotel real estate companies: Molinaro Koger at 703.760.9600 or www.molinarokoger.comand Thompson Calhoun Fair at 404.995.8970 or www.tcfhotels.com.
About Thompson Calhoun Fair
Thompson Calhoun Fair was formed to focus on servicing the transaction needs of clients in the mid-tier segment of the hotel industry, those ranging from $5 to $30 million in asset value. The three principals, H. Keith Thompson, Al Calhoun and Mark G. Fair, each bring over 20 years experience in virtually all disciplines of hotel real estate, and are widely regarded as the highest producing brokers in the industry in the mid-tier segment.
The principals of TCF are high-integrity, career hotel brokerage professionals with credible industry relationships. The TCF principals have successfully closed over 325 hotel transactions valued at over $2.6 billion within the current and most recent real estate cycle. The team was awarded eight individual sales awards from the largest organization of hotel brokers. Given their practical, hands-on approach, one of the greatest assets that TCF brings to an engagement is a clear understanding of hotel operations and the allure of a good investment opportunity. TCF approaches a transaction or assignment with the goal of enhancing the upside potential of the asset, allowing the client or the prospective investor to fully understand how to maximize returns on the investment.
Founded in 2000, Thompson Calhoun Fair is headquartered in Atlanta. Thompson Calhoun Fair can be found on the Web at www.tcfhotels.com.
About Molinaro Koger
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.”
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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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