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Molinaro Koger secures financing for two Park City Hotels
The Capital Markets Group of Molinaro Koger (MK) secured optimal financing totaling $13.2 million for two Park City, Utah, hotel properties, the Hampton Inn & Suites and the Holiday Inn Express & Suites on behalf of Navnish Development, LLC (Navnish) to support the purchase of the properties. The financing was provided by CIBC Capital Markets. Navnish has retained Integral Hospitality Solutions, LLC (Integral) to manage the hotels.

“Navnish is a highly adept, accomplished and energetic hotel company in an active acquisition mode,” commented Ed Blum, Managing Director of MK’s Capital Markets Group. “It was a pleasure to assist them in sourcing a loan which provided attractive terms and rates, thus improving the projected return on their investments.”

Navnish selected the two properties in Park City based on the area’s growing economy, the hotels’ excellent physical condition and perceived performance upside. Originally built around three major ski resorts, Park City, Deer Valley and The Canyons, Park City is a fashionable year-round destination. It attracts more than 1.6 million skiers each year, served as one of the major venues for the 2002 Winter Olympics and hosts the world-renowned Sundance Film Festival every January.

“We are very pleased to add these two excellent properties to our portfolio. Navnish believes that the hotels’ position within a growing segment of the Park City lodging market, combined with effective management, will lead to enhanced performance and a successful investment,” commented Vamsi Bonthala, a Principal of Navnish.

“MK’s Capital Markets Group conveyed the entire project, the market and our capacity in a sophisticated and compelling package that attracted many lenders to the transaction. The financing that MK arranged is allowing Navnish to move forward decisively with our plans to improve the quality of guest experiences and reposition the hotels,” said Sheenal Patel, another Principal of Navnish. Rania Deimezi - Friday, September 15, 2006