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Hotel Industry News |
Saturday March 13th, 2010 |
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Joe Molinaro, Founder of Molinaro Koger and Hotel Investment Pioneer Passes Away at age 86 |
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The staff of Molinaro Koger (MK) sadly announced today the passing of the firm's founder Joe Molinaro. Mr. Molinaro died at Memorial Hospital in Easton, Maryland. He was 86. |
'I deeply regret the loss of my long-time partner and mentor,' said Robert T. Koger, president of Molinaro Koger. 'Joe gave me the opportunity of a lifetime when he welcomed me into the business. I am truly privileged to have known him and learned from him.'
Joe Molinaro founded C. Joseph Molinaro & Associates in 1959 as a real estate brokerage dedicated to serving the hospitality industry. When he established the real estate brokerage firm that would become Molinaro Koger, the very concept of specializing in hotel real estate brokerage was groundbreaking. At the same time, franchising was just beginning to make a mark in the American hotel industry. Mr. Molinaro's vision drove him to put his expertise with numbers, understanding of hotel operations and a deep familiarity of the markets of the eastern seaboard to work.
As the American hospitality market blossomed, Joe Molinaro advised burgeoning hoteliers, many who grew significant portfolios and founded some of the industry's top companies. In the early 1990s, Mr. Molinaro hired the young Rob Koger as a partner, matching boundless energy with the savvy of experience.
Today Molinaro Koger, the firm Joe Molinaro started 50 years ago, is the world's leading hotel-specific real estate advisory, brokerage and capital markets source with 13 offices around the globe.
'We all will miss Joe for the figure he was in our lives. I know that the entire MK team is committed to building upon the successes that Joe's leadership has afforded us,' Koger said. 'Our deepest sympathies go out to his family.'
Memorial contributions may be made to The Joslin Diabetes Center, Memorial Hospital Foundation, P.O. Box 1846, Easton, MD 21601.
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Molinaro Koger is an international hotel real estate advisory firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the world. MK is headquartered in metro-Washington, DC, and has offices in Beijing, London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai. During the past decade the firm has captured the industry's leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year.
Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger has successfully marketed hotel real estate, sponsored limited partnerships, and arranged financing for purchasers. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 47-year history. Through this time, the company has grown and assisted clients in achieving their investment goals. |
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