Molinaro Koger Structures Sale of Two Tempe Properties
SCOTTSDALE, AZ, September 11, 2006. Molinaro Koger (MK), announced today that the firm marketed and structured the disposition of two significant hotels in Tempe, Arizona, in the past week. MK's Phoenix office represented the sellers in both dispositions.
Bill Murney, Managing Director of MK's Phoenix office, structured the sale of the Sheraton Phoenix Airport Hotel Tempe to JER Partners on behalf of Arizona Tempe Hotel Corporation, and structured the sale of the Holiday Inn Tempe to Dolce Hotels on behalf of Nebco Hotel Inc.
"These sales are indicative of the hot Arizona market and a reflection of the markets' rising rate and occupancy," commented Mr. Murney. "Arizona is one of the nation's premier business and leisure travel destinations. As a result, hotel investors are seeking to deploy their capital by acquiring well-branded, well-located properties in Arizona."
JER Partners plans to invest $5 million in improvements to the Sheraton Phoenix Airport Hotel Tempe. A 210-room full-service hotel, the Sheraton is located two miles from the Phoenix Sky Harbor International Airport and is proximate to Arizona State University, Tempe Town Lake and Downtown Tempe. JER's additional capital investment will encompass a comprehensive renovation of the hotel's guestrooms, corridors, function space and lobby. In addition the building exterior will be painted and a new exterior Sheraton signage package will be installed. The hotel will be managed by Sage Hospitality Resources of Denver, Colorado, making the hotel JER's 10th management partnership with Sage.
Dolce Hotels plans to rebrand the 190-room Holiday Inn Tempe and is investing $5 million in property upgrades and repositioning. Dolce's purchase includes an additional two acres of fee simple land situated immediately adjacent to the hotel, providing for future development according to Mr. Murney.
The Tempe market has seen unprecedented appreciation of real estate values during the past several years. Downtown Tempe has become an attractive live/work/play urban environment. Home to Arizona State University and close to Sky Harbor Airport, the area has a vibrant economy and great business climate which makes Tempe highly attractive to investors, according to Mr. Murney.
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 
