Molinaro Koger Advises on Sale of Copenhagen Marriott
FEBRUARY 20, 2007. Molinaro Koger (MK) announced today that the firm managed the sale of the 395-room Copenhagen Marriott Hotel to an affiliate of certain real estate funds managed by the Blackstone Group (Blackstone), acting on behalf of Danish joint venture company Hotelinvest Kalvebod A/S, which is owned 49 percent by Nykredit and 51 percent by Marriott International.
Built as a new five-star property, the Copenhagen Marriott Hotel was opened in early September 2001. Following the sale, the Copenhagen Marriott will continue to be managed under a long-term contract with Marriott International.
'With the Copenhagen hotel market in a state of positive growth, this is an exceptional opportunity for Blackstone to secure one of the few international brands with a strong presence in Scandinavia,' commented Eric Kudlak, Managing Director, Europe, Molinaro Koger, who structured the transaction.
The Danish economy is strong, with Copenhagen being renowned for its high standard of living. The city attracts a large number of domestic and European conventions, which in 2005 helped to increase the number of bed nights by 6.1 percent, to total more than 4.7 million. It is estimated that more than 45 percent of visitors come to the city for business - more than 2,000 foreign companies are located in the city, making it the second highest European city after London in attracting overseas companies.
'Since opening, the Copenhagen Marriott Hotel has steadily improved in terms of rate and occupancy, outperforming the city's general hotel market in 2005. As the Copenhagen hotel market does not expect substantial additions in terms of competitive supply, and with so few other international brands in the city, the hotel is expected to have continued success,' said Mr. Kudlak.
Located at 5 Kalvebod Brygge on the Copenhagen waterfront, the 11-story Copenhagen Marriott Hotel occupies a central location in the prime tourist area of the city, close to the Tivoli Gardens and the Little Mermaid. The property has a restaurant, lobby bar and outdoor terrace, 887 square meters of meeting space, a fitness center, sauna, business center, executive lounge, gift shop and on-site parking.
In 2006, Molinaro Koger acted on behalf of Blackstone in the sale of the Great Eastern Hotel, London, for lb150 million. It also brokered the disposition of the Sheraton Hotel Krakow to the Quinn Group for EUR45 million.
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