Hospitality Net

Dallas, Texas | Molinaro Koger (MK) announced today the firm assisted InterContinental Hotels Group, PLC in the sale of the 524-room Holiday Inn SunSpree Resort, Montego Bay, Jamaica. The resort was acquired for $30 million by Octagon Hotels Group Limited. Octagon signed a 10-year Holiday Inn franchise agreement for the resort with InterContinental and plans a complete renovation of the asset.

“We were pleased to exceed our client’s disposition expectations,” remarked Bill Stadler, Managing Director of Molinaro Koger’s Dallas office, who marketed the asset and structured the transaction.

The 16-acre oceanfront resort, located in Rose Hall and proximate to the Sangster International Airport, features approximately 4,500 SF of meeting space, four restaurants and six lounges, three outdoor pools, a fitness center, lighted tennis courts, retail shops and an array of water sport activities.

Mr. Stadler also commented that the profound strength of the Jamaican hotel market combined with the resort’s facilities and Holiday Inn brand affiliation helped facilitate the transaction.

For additional information concerning this transaction contact Bill Stadler at 972-868-9133 or email bstadler@mkhotels.com.

During the last 18 months MK has structured more than $5 billion in hotel real estate transactions in the U.S. and worldwide. For further information about current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com.

ABOUT MOLINARO KOGER
Founded in 1959, Molinaro Koger (MK) is the world’s leading hotel-exclusive real estate brokerage, advisory and capital markets firm. MK provides clients with unparalleled service and commitment. During the past four decades the company has closed more than $15 billion in hotel property sales. Headquartered in Washington, DC, MK’s offices are located in Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, New York, Phoenix, San Francisco, London, Mumbai, Beijing, and Shanghai.

MK structures the transactions of luxury hotels and resorts, in addition to urban and mid-scale properties throughout the Americas, Europe, and the Far East. The firm closes, on average, more than 75 hotel transactions each year. Each member of the MK team posses a unique perspective and invaluable insight. Together they have leading-edge expertise in every aspect of the hospitality business. MK can be accessed online at www.mkhotels.com.

ABOUT INTERCONTINENTAL HOTELS GROUP
InterContinental Hotels Group (IHG) is the world’s largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,000 hotels and more than 590,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognized and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels & Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo®, and also manages the world’s largest hotel loyalty program, Priority Club® Rewards with over 39 million members worldwide.

IHG has more than 1,700 hotels in its development pipeline, which will create 150,000 jobs worldwide over the next few years.

InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.

ABOUT OCTAGON HOTELS GROUP LIMITED
Octagon is owned by the Hendrickson family, who own a number of other business interests in Jamaica. The Jamaica Holiday Inn Resort hotel will be operated by the team led by Kevin Hendrickson.