MK's Bill Murney Structures Sale of DoubleTree Hotel Albuquerque on Behalf of MeriStar Hospitality
PHOENIX, AZ, October 5, 2005. Molinaro Koger announced today their role as advisor to MeriStar Hospitality in the sale of the DoubleTree Hotel, Albuquerque, New Mexico, to American Property Management. The 295-room convention center hotel will be managed by American Property Management following the sale and will undergo a $5 million renovation.
"Featuring a top downtown location as the only hotel directly connected to the Albuquerque Convention Center, this full-service, city-center property fit the parameters of the buyer perfectly," said Bill Murney, Managing Director of Molinaro Koger's Phoenix office, who structured the transaction.
"Strategic marketing of the hotel's variety of features, including the fact that it was unencumbered by management, allowed us to deliver the right purchaser at the right price for our client," said Mr. Murney.
American Property Management is pleased to have successfully acquired the DoubleTree Hotel Albuquerque and plans to completely renovate the property by upgrading both public space and guest rooms to successfully compete as the market leader.
Ranked Number 5 on Forbes magazine's Best Places for Business list, the vibrant Albuquerque market is considered particularly strong for business hotels given the fact that there are no full-service hotels currently under construction or planned. In addition to corporate and convention business, the hotel has benefited from the film industry's discovery of Albuquerque as a cost-effective location to shoot year round.
The adobe-facade, 16-story DoubleTree Hotel is a highly visible landmark of downtown Albuquerque located near the intersection of Interstates 25 and 40. The hotel's new owners have roots in Albuquerque and own other hotels in the area. They plan to return the highly recognized DoubleTree Hotel to its place of prominence in the city.
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