Molinaro Koger Advises Hilton Hotels Corporation in Sale of Hilton DFW Lakes Hotel & Executive Conference Center
The Dallas office of Molinaro Koger announced that the firm acted as advisor to Hilton Hotels Corporation in the sale of the 395- room Hilton DFW Lakes Hotel & Executive Conference Center in Grapevine, Texas, to an affiliate of Somera Capital Management for approximately $65.5 million.
Somera Capital Management anticipates spending $6 million in additional capital in property renovations. The hotel will continue to operate as a Hilton branded property under a new long-term franchise agreement. Quorum Hotels and Resorts, a Dallas-based hotel operator, will manage the property.
'Investors were attracted to the Hilton's overall quality, extensive facilities and the consistent demand base generated by its conference center orientation,' remarked Bill Stadler, Managing Director of Molinaro Koger.
'Furthermore, the DFW Airport/Grapevine lodging market is one of the strongest and fastest growing submarkets in the Metroplex which contributed to its appeal,' commented Mark Rome, Senior Vice President of Molinaro Koger.
During the last 24 months Molinaro Koger has structured more than 20 lodging transactions throughout Texas, 10 of which were in the Dallas/Ft. Worth Metroplex.
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
About Molinaro Koger
Molinaro Koger (MK) is an international hotel real estate brokerage, advisory and capital markets firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the world. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Beijing, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai.
Founded in 1959, Molinaro Koger successfully markets hotel real estate, sponsors limited partnerships, and arranges financing for clients. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 47-year history. Through this time, the company has grown and assisted clients in achieving their investment goals.
'With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better serve the best interests of our clients, regardless of economic cycles,' says President Robert Koger. 'The results we achieve are directly attributable to the commitment and expertise of our professional staff.'
Molinaro Koger can be accessed online at www.mkhotels.com.
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