MK Structures Sale of Residence Inn by Marriott Tewksbury, MA
VIENNA, VA, June 24, 2008. Molinaro Koger (MK) announced today that the firm's metro-DC headquarters office facilitated the marketing and sale of the Residence Inn Boston Tewksbury/Andover, Massachusetts; on behalf of Lion ES Hotels II, LLC. The Boston-metro transaction was the seventh hotel that MK broker Andy Kern has structured for Lion ES Hotels II, LLC since January, 2008. The 130-suite extended-stay property was acquired by Tewksbury Residence Inn Hotel Associates, LLC for an undisclosed price. Tewksbury Residence Inn Hotel Associates, LLC has signed a long-term franchise agreement with Marriott International to continue operating the hotel as a Residence Inn. Pinnacle Hotel Management based in Lighthouse Point, Florida; assumed management of the hotel on behalf of the new owner.
"We were pleased to facilitate the sale of this well-located hotel to a buyer capable of closing decisively. This asset was a prime acquisition for the buyer who intends to grow their Northeastern hotel portfolio," remarked Mr. Kern, senior vice president of MK's Washington, DC office.
"Because they offer high consumer value and greater operational fexibility, the Residence Inn brand has proven resistant to downturns. As a high-quality spacious extended-stay product, the Residence Inn brand demonstrates resilience and pro?tability even in challenging economic times," continued Mr. Kern.
Located in a Boston suburb, Tewksbury is part of one of the nation's top 25 Metropolitan Statistical Areas. Vibrant economic drivers located within one mile of the Residence Inn Boston Tewksbury/Andover include Raytheon, Avid Digital Media and Phillips Electronics.
During the last 18 months MK has structured more than $5 billion in hotel real estate transactions worldwide. For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
