Molinaro Koger Handles Sale of Westin O'Hare on Behalf of Starwood Hotels & Resorts
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Molinaro Koger Handles Sale of Westin O'Hare on Behalf of Starwood Hotels & Resorts
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2005-11-07
Molinaro Koger announced today their role as exclusive advisor to Westin O’Hare Venture in the sale of the 525-room, four-star, four-diamond hotel to JER Partners Acquisition III, LLC. Westin O’Hare Venture was comprised of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and Enpro International, Inc. The sale was contingent upon retention of the Westin affiliation and Westin Hotel’s management agreement.
“This high quality asset combined with the strength of the O’Hare lodging market and Westin affiliation generated substantial investor interest and enabled a transaction to be completed within 30 days from execution of the Purchase and Sale Agreement,” commented Bill Stadler, Managing Director of Molinaro Koger.
According to Rob Koger, President of Molinaro Koger, it was the firm’s second hotel transaction in the O’Hare market within the last 12 months and sixth advisory assignment in the greater Chicago area during 2005.
The hotel occupies an 11.5-acre site and is located in close proximity to the entrance to O’Hare International Airport, Donald E. Stephens Convention Center, Rosemont Conference Center, Allstate Arena, and the Rosemont Theatre. Key features of the property include 43,000 square feet of meeting space, three food and beverage outlets, the Heavenly Bed, The Heavenly Bath, and The Westin Workout. The hotel was in excellent condition having received approximately $14 million in improvements as recently as 2003.
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 24 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe. Most of JER’s investments are in office, retail, multi-family and industrial properties. Other areas of investment include commercial mortgage backed securities (“CMBS”), hospitality, healthcare related real estate and mezzanine financing. For more information on JER, please visit www.jer.com.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts. Since 2003, Starwood has sold more than $1.1 billion worth of assets. The proceeds from this hotel, combined with other recent asset sales, are part of the $500 million Starwood targeted to sell by the end of 2005. With this sale Starwood has exceeded that corporate goal.
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