Molinaro Koger (MK) announced they facilitated the marketing and sale of two former Fairfield Inns on behalf of an undisclosed seller. The two assets included the 130-room Fairfield Inn Buffalo-Williamsville, New York; and the 129-room Fairfield Inn Cleveland-Willoughby, Ohio. The two well-located assets were acquired by Accor North America for an undisclosed sum and immediately converted to their rapidly expanding Motel 6 brand.
“We are pleased to have facilitated additional corporate acquisitions for Accor, the nation's largest owner/operator of economy lodging, as they strategically grow the updated iconic brand,” commented Mark Morris, Senior Vice President for MK, who marketed the hotel and structured the transaction.
“Investment in these high-quality properties represented a great opportunity for Accor to add two strategic Northeast hotel locations to their impressive portfolio,” added Dustin Resnick, Vice President of MK, who also worked on the transaction. “The hotels were offered unencumbered of brand and management allowing Accor to immediately reposition the assets and further their ambitious corporate growth objectives.”
Accor recently announced a corporate goal of 1,200 locations in North America by 2010. As a result, Motel 6 and Studio 6 are aggressively pursuing franchising and Accor is making strategic acquisitions in select locations.
“During this challenging part of the economic cycle, the committed team at Molinaro Koger continues to work diligently ― and successfully ― for our clients to close deals and maximize value,” added Mr. Morris.