Host Hotels Sues Brokerage Firm

Discussion in 'Marriott | Rewards' started by MyTravels, Jun 6, 2011.  |  Print Topic

  1. MyTravels
    Original Member

    MyTravels Silver Member

    Messages:
    482
    Likes Received:
    352
    Status Points:
    570
    Host Hotels Sues Brokerage Firm

    Host was spun out of Marriott years ago, some may find this of interest:

    Host Hotels Sues Brokerage Firm
    Suit Alleges Molinaro Koger Flipped Properties for Its Own Profit Rather Than Getting Highest Possible Price

    (excerpts)
    Host accused brokerage Molinaro Koger Inc. of setting up front companies to flip the properties for its own profit rather than getting the highest possible price for Host. The suit outlines more than $15 million of gains allegedly reaped from flipping Host's hotels without its knowledge.

    In one deal, Molinaro Koger brokered the sales of Host's Sheraton hotel in Stamford, Conn., and the Washington Dulles Marriott Suites in 2009 to a company led by a Molinaro Koger employee and one of Mr. Koger's business partners, the lawsuit alleges. The buyer then resold the hotels on the same day to a bidder willing to pay a price $13 million higher, the lawsuit alleges.

    The Molinaro Koger employee leading one of the middleman companies died last year due to accidental gas poisoning in his home, according to a police report filed as an exhibit in the case. However, the man's notarized signature still appeared four months later on the deal's closing document, according to Host's lawsuit.
     
  2. SC Flier
    Original Member

    SC Flier Gold Member

    Messages:
    14,851
    Likes Received:
    30,839
    Status Points:
    16,520
    "The Molinaro Koger employee leading one of the middleman companies died last year due to accidental gas poisoning in his home, according to a police report filed as an exhibit in the case. However, the man's notarized signature still appeared four months later on the deal's closing document, according to Host's lawsuit."
    Spooky. :eek: ;)
     

Share This Page