MK Sells Marriott Charlotte Executive Park on Behalf of Host Marriot Corporation
MCLEAN, VA, October 17, 2005. Molinaro Koger announced today their role as advisor to Host Marriott Corporation in the sale of the Marriott Hotel Charlotte Executive Park, Charlotte, North Carolina, to JER Partners. Sage Hospitality Resources of Denver, Colorado, will manage the 297-room hotel following the sale and oversee renovation to both guest rooms and public spaces.
"Charlotte's growth over the past decade has made it one of the most desirable cities in which to work and live in the United States," said Mark Morris, Senior Vice President of Molinaro Koger's McLean, Virginia office, who structured the transaction.
"The market area's viability combined with the hotel's inherent strong location, excellent physical condition and room for upside in operating numbers generated significant bidding from the investment community for this asset," said Mr. Morris. "It was a pleasure to put together the interests of both buyer and seller in this transaction.
Recently listed as one of the top 10 cities for entrepreneurs by Entrepreneur magazine and as one of the top places to live by Money magazine, Charlotte is home to some of the nation's leading corporations, banks and educational institutions. The Marriott Charlotte Executive Park enjoys an unparalleled location in the heart of Westpark Corporate Center, close to the offices of AT&T, Dupont, Exxon, Hoechst and IBM. The hotel's features include concierge floors and lounge, indoor/outdoor swimming pool, business center, sundry shop, wireless internet connection, more than 15,000 square feet of meeting space, Gratzi's restaurant and lounge.
For further information about this transaction and current listings, please contact Molinaro Koger 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 
