|By PR Newswire||
|December 26, 2012 04:21 PM EST||
LOS ANGELES, Dec. 26, 2012 /PRNewswire/ -- 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.
SOURCE Laurus Corporation
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