MK transacts sale of University of Florida Hilton Hotel
Wednesday, October 03, 2007
Molinaro Koger (MK) announced the closing of the University of Florida Hilton Hotel, which they facilitated on behalf of Cornerstone Real Estate Advisers LLC. The 248-room full-service asset was acquired by Inland American Lodging Corporation, a subsidiary of Inland American Real Estate Trust, Inc. The hotel will remain a Hilton property following the sale and will be managed by Davidson Hotel Company.
“It was our pleasure to assist Cornerstone in marketing the property and in securing highly qualified purchasers,” remarked Ali Baheri, Senior Vice President of MK’s Washington, DC office who structured the transaction. “Investors were attracted to the Hilton’s overall quality, extensive conference center facilities and the consistent demand base generated by its premier University of Florida orientation.”
“This is an exceptional property that has significant upside potential and will benefit from strong, focused management,” said John Belden, Davidson president and chief executive officer. “We intend to work closely with officials at the University of Florida, and are examining opportunities for upgrading the property and will be making recommendations to the owners shortly.”
“Florida continues to be a desirable market, as evidenced by the strong interest we received in this offering,” concluded Mr. Baheri.
Rania Deimezi
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Wednesday, October 03, 2007
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