Transactions

Throughout our 50 year history, the Corporex Companies have executed a broad range of real estate transactions across multiple property types and generated attractive returns to investors. Our strength is our expertise in hands-on value creation through acquisition, development, re-development, management and sale of properties. Our track record speaks for itself.

 

Embassy Suites Tampa

EMBASSY SUITES, TAMPA, FL

Property Type: Full Service Hotel

Location Tampa, FL
Investment $15.5M
Date 1992
Holding Period 141 months
No. Keys 221
Price/Key $70,308
Overview
  • Corporex identified an outstanding location with an underperforming asset, acquired the property and leveraged relationships in the lodging industry to upgrade the flag from Guest Quarters to Embassy Suites.
  • Commonwealth Hotels, a Corporex affiliate, assumed management responsibilities.
  • In the first year of ownership, GOP margin increased by 7 points.
  • In the three years prior to the sale of the hotel, the property GOP margin was, on average, 10 points higher than the competitive set.
Exit Property sold for $33.3M in 2004
Return on Investment 29.8% IRR
 

inverness

188 INVERNESS DRIVE, ENGLEWOOD, CO

Property Type: Suburban Office

Location Denver, CO
Investment $27.4M
Date 2004
Holding Period Currently held
Rentable Square Feet 250,000
Overview
  • Corporex acquired a special-purpose, single-tenant corporate facility and repositioned the asset to a multi-tenant office building.
  • Through intensive management, exemplary marketing and rigorous underwriting, Corporex attracted high quality tenants and leased the vacant building to 80% occupancy within thirty months of ownership.
  • Over the past two years, occupancy in this building increased by 8 points while the market occupancy decreased by 2 points.
  • Within 54 months, the owner generated cash flow to return 85% of the equity investment.
Exit The property is currently owned by Corporex.

 

burr-ridge

MARRIOTT, BURR RIDGE, IL

Property Type: Full Service Hotel

Location Chicago, IL
Investment $22.8M
Date 2003
Holding Period 10 months
No. Keys 183
Price/Key $124,773
Overview
  • Corporex acquired a broken development project out of bankruptcy at a significant discount to replacement value.
  • Our vertically integrated team redesigned the building to maximize space usage, exceed brand standards and minimize cost.
  • We leveraged relationships in the lodging industry to upgrade the flag from Radisson to Marriott.
  • The property was sold within one year of the investment.
Exit Property sold for $28.4M in 2004
Return on Investment 48.5% IRR

 

eagle

EAGLE HOSPITALITY PROPERTIES TRUST

Exchange New York Stock Exchange
Ticker EHP
IPO Price $9.75/share
IPO Date 10/1/04
Holding Period 35 months
Sale Date 8/15/07
Sale Price $13.35/share
Return on Investment 57% total return
Overview
  • Corporex was the sponsor of a highly successful public Hotel REIT, Eagle Hospitality Properties Trust (NYSE: EHP).
  • Institutional ownership of the REIT exceeded 50% within the first two years.

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