Sale of Sheraton Oklahoma City Arranged by Molinaro Koger
MAY 1, 2007. Molinaro Koger (MK), announced today that the firm marketed and structured the sale of the Sheraton Hotel Oklahoma City to American Property Management Corporation (APMC) on behalf of an affiliate of Blackstone Real Estate Acquisitions V LLC. Following the sale, the 395-room upscale hotel will retain the Sheraton brand and undergo a $3.8 million renovation to public spaces.
'Set in Oklahoma City's famed Bricktown area, the Sheraton OKC is one of the city's premier destinations as a result of its combined services, facilities and irreplaceable location connected to the city's convention center,' commented Bill Murney, Managing Director of MK's Phoenix office, who marketed the property and arranged the sale.
'I'm pleased our ability to identify and communicate this asset's unique attributes and value facilitated strong interest from an array of investors. Strong investor interest naturally benefited our client which is always our goal when marketing an asset,' concluded Mr. Murney.
The 15-story hotel places guests in the center of the Oklahoma City entertainment district that includes the 20,000 seat Ford center, home to the NBA Hornets' 2006-2007 season, the newly renovated 200,000 square foot convention center, as well as proximity to the city's canal water taxi and Bricktown Ballpark. The hotel's completely renovated guest rooms feature the Sheraton Sweet Sleeper Bed, Executive Club Level accommodations, full-service business and fitness centers, and 27,000 square feet of meeting space.
During the last 12 months MK has structured more than $3 billion in hotel real estate worldwide. For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com.
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