Molinaro Koger Arranges Sale of Florida Hotel Portfolio to Ian Schrager and RFR Holding, LLC
MCLEAN, VA, December 21, 2005. Ali Baheri, Senior Vice President of Molinaro Koger, announced today that the firm had successfully acted as advisor to the Riande family of Panama in the disposition of three Florida hotels. Located in the Miami, South Beach, and Orlando markets, the hotels were purchased by a joint venture of Ian Schrager and RFR Holding, LLC. The properties are slated for renovation, redesign and rebranding as signature boutique concepts following the sale.
"It was a pleasure to match the Riande family with a purchaser whose combined talents make them one of our industry's most savvy investors and hoteliers," said Mr. Baheri. "Ian Schrager, an icon within the hotel industry, helped define South Beach when he opened the Delano 10 years ago as one of the first stark and stylish boutique hotels.
"Aby Rosen, principal of RFR, is a well-known real estate developer and patron of the arts. Together they will enhance the Riande properties."
The 700-room portfolio, which is comprised of the Riande Continental Bayside, Miami; the Riande Continental Plaza, Orlando; and the Riande Continental South Beach; was the subject of intense investor interest. Pursuit of the portfolio was particularly strong given that the properties were located in some of the nation's leading markets. According to Mr. Baheri, more than 30 prospective purchasers bid for the Riande portfolio.
"Prior to bringing the portfolio to market, the Riande family had a variety of unsolicited offers submitted. However, they were not certain of the properties' true value nor was it clear to them which offers and potential purchasers were viable," said Mr. Baheri.
"It was a source of great satisfaction that we were able to assist them in defining the market, making sense of the competitive environment and selecting an advantageous offer from a leading investment group capable of rapidly closing the transaction."
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