Molinaro Koger Structures Sale of DoubleTree(R) Hotel Virginia Beach to Harmony Investments Inc.
MCLEAN, VA, June 20, 2005. Molinaro Koger announced today their role as advisor to Prudential Real Estate Investors in the sale of the DoubleTree(R) Hotel, Virginia Beach, Virginia, to Harmony Investments Inc. The 296-room hotel will be managed by Harmony Investments following the sale. Harmony Investments plans to invest in a $3.5 million dollar expansion to capitalize on the hotel's resort location, 8.65 acre lot and adjacent proximity to the $202 million Virginia Beach Convention Center.
"This hotel represented a rare find in today's highly competitive hotel acquisition market," said Ali Baheri, Senior Vice President of Molinaro Koger, who structured the transaction. "Full-service properties located in a growing resort location with barriers to entry and strong commercial drivers are one of the top acquisition targets.
"We were pleased to assist PREI by marketing this hotel and selecting an offer from a highly qualified purchaser. Harmony Investments, a local hotel company with deep roots in Virginia Beach, was pleased to successfully acquire this property," said Mr. Baheri.
Located close to Virginia Beach's upscale mixed-use central business district, area beaches and Oceana Naval Air Station, the hotel caters to a diverse mix of business. The property's amenities include 12,000 square feet of meeting space, restaurant, lounge, fitness center, three tennis courts, heated indoor swimming pool, sun deck, pool tables and gift shop.
Established in Virginia Beach in 1993 by Mark F. Garcea and Page S. Johnson, Harmony Investments currently includes an extensive array of holdings comprised of hotels, retail shopping properties, and commercial real estate. Harmony's hotel portfolio has increased from three hotels in 2003 to nine hotels in June 2005.
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