Molinaro Koger Structures Acquisition of Radisson Princeton
MCLEAN, VA, May 30, 2006. Molinaro Koger (MK), announced today that the firm advised the seller in the disposition of the Radisson Hotel Princeton in Princeton, New Jersey, which was acquired by Shamrock-Hostmark Hotel Fund LP. Following the sale, the 241-room property will undergo an $8 million renovation and be converted to the Doubletree Hotel brand.
"This was a strategic acquisition for Shamrock-Hostmark and will be an asset to their growing hotel portfolio," commented Mark Morris, Senior Vice President, Molinaro Koger, who structured the transaction. "The property, which occupies a prime location on an eight acre parcel in Princeton, was obtained at a discount to our estimated replacement cost of $35 million."
Located close to Dow Jones' headquarters, Bristol-Myers Squibb, and Princeton University, the hotel's features include more than 7,000 square feet of meeting space, a fitness center, indoor swimming pool and whirlpool, Old City Grill restaurant, lounge and room service. The renovation is designed to enhance the property's many outstanding features. The purchasers anticipate their renovations to the property will offer an inviting atmosphere and first-class services pleasing to business and leisure travelers alike.
Their purchase of the Radisson Princeton hotel is Shamrock-Hostmark Hotel Fund LP's second hotel acquisition. Additionally, the Fund has recently gone under contract for its third acquisition: an upscale, full-service hotel in a major metropolitan area of Texas.
"These two new assets represent excellent examples of the types of acquisitions the fund has made and will continue to make over the coming months," George Buchler, Vice President, Shamrock-Hostmark Hotel Fund LP. "The Fund intends to seek out high-quality hotels that would benefit from enhanced management expertise and/or market repositioning through further investment," Mr. Buchler added.
"It was truly a pleasure to provide our client with a knowledgeable purchaser capable of decisive due diligence and timely closing," commented Mr. Morris.
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 www.mkhotels.com.
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