Throughout our 55 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, 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.
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| Exit | Property sold for $33.3M in 2004 |
| Return on Investment | 29.8% IRR |
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.
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| Exit | The property is currently owned by Corporex. |
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.
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| Exit | Property sold for $28.4M in 2004 |
| Return on Investment | 48.5% IRR |
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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