Molinaro Koger Structures Sale of Fairfield Inn, AZ
SCOTTSDALE, AZ, May 2, 2006. Bill Murney, Managing Director of Molinaro Koger (MK), announced today his role as advisor to LNR Partners Inc. (NYSE: LNR), one of the nation's leading real estate investment, finance and management companies, in the sale of the Fairfield Inn, Scottsdale, Arizona.
Located on Scottsdale Road across from the Scottsdale Fashion Square Mall, in the heart of Old Town Scottsdale, the 218-room property was purchased by Scottsdale Venetian Village, LLC. The purchaser plans to invest more than $3 million to convert the property to the Hotel Scottsdale, a mid-range, boutique hotel property.
'Hotel properties located in Scottsdale are on everyone's acquisition radar screen,' commented Bill Murney. 'The market dynamics and location in Arizona provide room night demand for all market segments. Many of the existing affordable lodging alternatives in the downtown Scottsdale market are being replaced by high-end boutique properties, or high-rise condominium projects. This provides tremendous upside opportunity for the purchaser of the Fairfield Inn.'
The Scottsdale Fairfield Inn benefits from an excellent location in the midst of downtown Scottsdale's $1 billion office, retail, and condominium development. The ongoing renaissance of downtown Scottsdale has positioned the area as a top destination for tourism, business, and second residences. As a result of recent projects in Scottsdale, area hotels are experiencing additional room night demand and growth in average daily rate (ADR). The downtown Scottsdale hotel market RevPAR was up 9.6% in 2004, and improved further with a 12% RevPAR increase in 2005.
For further information about this transaction and current listings, please contact Bill Murney of Molinaro Koger at 602.343.2323 or via [email protected]. For further information about the property, please contact Scottsdale Venetian Village at 480-874-1400 to speak with Caesar Perez.
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