LOS ANGELES, Dec. 26, 2012 /PRNewswire via COMTEX/ --
Laurus Corporation, a U.S.-based private real estate investment and
development firm, announced that it has acquired the Hilton Kansas City
Airport hotel in Kansas City, MO. The Hilton Kansas City Airport
includes 347 guest rooms and suites, and provides 21,000 square feet of
meeting space options in the Kansas City airport submarket. The property
is strategically located fronting the well-traveled Interstate 29 and
is less than five minutes from Kansas City International Airport, the
second busiest airport in the state serving approximately 10.4 million
travelers annually. The hotel is surrounded by more than 6 million
square feet of office space, in addition to Fortune 500 companies,
including General Motors, Ford Motors, Harley-Davidson, Toyota and Sony.
It is also close to a wealth of shopping, dining, golf and
entertainment activities, including NASCAR at the Kansas City Speedway,
The College Basketball Experience, Kansas City Zoo, Sprint Center, Power
& Light District and the World War I Liberty Memorial.
"This is Laurus' second closing on a Hilton property in the past week
and completes our sixth acquisition for 2012," said Andres Szita,
Chairman and Co-founder of Laurus Corporation. "Both the Hiltons offer
investors quality full-service hotels in markets that have experienced
significant RevPar growth over the past 12 months."
"The Kansas City market features robust demand drivers and various
value-add opportunities through renovation, operating efficiencies and
management," noted Jean Paul Szita, President & Chief Financial
Officer of Laurus Corporation. "We will execute an $8 million property
improvement plan that will greatly elevate guest experience and NOI in
the coming years."
"The recognizable strength of the Hilton Brand and its reservation
system adds credibility and liquidity avenues for both properties, and
implemented operational efficiencies will position the hotels for a
strong and stable return for investors," commented Philip Cyburt, Chief
Executive Officer of Laurus Corporation. This is our third capital
allocation from Laurus' Ethika Fund, partnering with institutional
capital from Lowe Enterprise Investors, through a separate account
investment managed on behalf of Ohio PERS.
Hilton Kansas City Airport is located at 8801 NW 112th Street, Kansas
City, Missouri, 64153. Renovations include a modernization of the lobby
and surrounding restaurant and bar which will feature chic, modern
fixtures and decor. Guestrooms, meeting space and common areas will be
revamped to elevate the overall guest satisfaction.
Laurus Corporation is a real estate investment and development company
that specializes in hotels and resorts, office buildings, multifamily
and mixed-use properties. Laurus employs an entrepreneurial investment
strategy designed to consistently achieve attractive risk-adjusted
returns by creating capital appreciation opportunities through
repositioning, restructuring, re-development and intensive post
acquisition asset management. It is affiliated with Ethika Investments,
LLC, a real estate investment firm.
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