Molinaro Koger Structures Sale of Residence Inn
VIENNA, VA, May 6, 2008. Molinaro Koger (MK) announced today that Andy Kern of the firm's metro-DC headquarters office facilitated the marketing and sale of the Residence Inn by Marriott, Lubbock, Texas; on behalf of Lion ES Hotels II, LLC. The Lubbock transaction was the sixth hotel Andy Kern has structured for Lion ES Hotels II since January, 2008. The 80-suite extended stay property was acquired by SA Laredo Enterprises, Inc. for an undisclosed price. SA Laredo Enterprises, Inc. obtained a long-term franchise agreement with Marriott International to continue operating the hotel as a Residence Inn. Baywood Hotels, based in Greenbelt, MD, assumed management of the hotel on behalf of SA Laredo Enterprises.
"We were pleased to facilitate the sale of this hotel to a buyer capable of moving forward quickly and decisively given the downturn in the capital markets. This asset was a strategic acquisition for the buyer who owns several hotel properties throughout the state of Texas," remarked Mr. Kern who is Senior Vice President of MK's Washington, DC office.
"Because they o?er high consumer value and greater operational ?exibility, Residence Inns have proven resistant to downturns. As a high quality spacious extended stay product, the Residence Inn brand demonstrates resilience and pro?tability even in slower economic times," continued Mr. Kern.
Home to Texas Tech University, Lubbock is a growing market. The city boasts a 300,000 square foot convention center which hosts more than 400 events each year. Major employers include the University, Covenant Health Systems and United Supermarkets.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
