Molinaro Koger Structures Sale of DoubleTree Tucson at Reid Park
PHOENIX, AZ, April 5, 2007. Molinaro Koger (MK), announced today that the firm marketed and structured the sale of the DoubleTree Hotel Tucson at Reid Park to NCH Corporation on behalf of DNT Reid Park, LLC. Prior to going on the market the well-located, resort-style hotel underwent a complete $2.5 million renovation of all guest rooms. Situated near Tucson's central business district and close to the University of Arizona, the 295-room upper-end business class hotel is particularly notable because it is the longest continually branded DoubleTree in the Hilton family of hotels.
The DoubleTree Hotel Tucson at Reid Park is the fifth hotel owned and operated by NCH Corporation in the Tucson metro. Following the sale, NCH will manage the property and anticipates capital improvement investments to take the hotel to the next level.
"The hotel's financial performance, location and widely recognized brand, all provided a compelling investment opportunity recognized by NCH, a local Tucson company," commented Bill Murney, Managing Director of MK's Phoenix office, who structured the transaction.
"High barriers to entry in Tucson's business district made this existing property particularly attractive to an array of investors. The DoubleTree's recent renovation, combined with the property's 12-acre parcel included in the sale, positioned the hotel as an opportunity with significant upside potential for redevelopment and addition of other amenities on site."
The DoubleTree Hotel Reid Park is situated directly across from two LPGA-sanctioned 18-hole golf courses, and has the largest meeting space in central Tucson. The hotel's meeting space capacity has brought the property significant business and traveler recognition because it hosts most of the major functions held in the city. The hotel's recognition is also bolstered by its nine-story tower which makes the property a visible landmark. Reid Park, which is across the street from the hotel, contains jogging paths, racquet ball courts, lighted tennis courts, and zoo. The resort-style hotel features a sparkling pool and whirlpool in a lush courtyard setting, three lighted tennis courts, 24-hour fitness center, and massage therapy rooms.
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