Molinaro Koger Structures Disposition of Westin Kierland to Host
SEPTEMBER 7, 2006. Molinaro Koger (MK), announced today that they advised an investment group led by Woodbine Development, in the disposition of the Westin Kierland Resort & Spa in Scottsdale, Arizona, to Host Hotels & Resorts for $393 million.
MK represented Kierland Resort Company, LLC, a Delaware limited liability company comprised of affiliates of Woodbine Development Corporation of Dallas, Texas; the Herberger Interests of Phoenix/Scottsdale, Arizona; Cook Inlet Region, Inc., of Anchorage, Arkansas; and Starwood Hotels & Resorts Worldwide, Inc. of White Plains, New York. Starwood Hotels & Resorts will continue to manage the property under a long-term contract.
'Golf, resorts and spas in the Phoenix/Scottsdale market continue to draw increasing numbers of investors,' commented Rob Koger, President of MK, who structured the transaction. 'The Westin Kierland Resort & Spa is one of the area's premier destinations and one of the leading Westin properties in terms of facilities. It was a pleasure to work on this transaction and to ensure our client a capable purchaser with a sterling operational and acquisitional track record.'
From 2003 through 2005 the Phoenix/Scottsdale markets have seen unprecedented appreciation of real estate values, of both commercial and residential property. Because the Phoenix metro continues to experience strong employment and population growth, this trend is expected to continue. The area's vibrant economy, good business climate and first-class resort atmosphere is highly attractive to investors, according to Mr. Koger.
'We anticipate this market will maintain substantial growth for several years,' commented Bill Murney, Managing Director of MK's Phoenix office. 'We are very pleased to have assisted both parties in achieving their investment goals.'
The luxurious Westin Kierland Resort, which opened in November 2002, is ideally situated on a sprawling 252 acre parcel. The hotel features 732 guestrooms, including 63 suites and 32 casita units, a scenic yet challenging 27-hole golf course and a serene full-service spa. The hotel has approximately 70,000 square feet of indoor meeting space, including a 24,600-square foot ballroom, and more than 100,000 square feet of outdoor function space.
Relative to the transaction, Christopher J. Nassetta, President and CEO of Host Hotels & Resorts, said, 'We are thrilled to be acquiring this recently constructed, world-class asset in the Phoenix/Scottsdale market, which is a strong growth market in which we have been seeking greater representation.' Host Hotels & Resorts, Inc. is a lodging real estate company that currently owns or holds controlling interests in 129 luxury and upper upscale hotel properties.
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