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The Kor Group |
5750 Wilshire Blvd. #500
Los Angeles, CA 90036 |
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Company Description |
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IDEAS, INDIVIDUALS, INVESTMENTS
Kor Realty Group is a privately held real estate investment, development and management firm with interests primarily in hotels and multi-family real estate.
Kor currently owns and manages seven hotels, approximately 3,500 apartment units, an office building, and a marina.
Kor also provides third-party management services to hotel owners. Our success in identifying new opportunities, evaluating potential investments, and managing the existing Kor portfolio results from the experience and expertise of our personnel, coupled with an entrepreneurial approach to decision-making. Speed of execution, structuring flexibility, and willingness to acquire risk-associated properties all distinguish the Kor Group from its competition.Kor's current hotel portfolio has a market value of approximately $150 million; our present apartment holdings contain over 3,500 units with a market value in excess of $450 million; commercial holdings include a multi-tenant office building and a boatyard/marina. With an eye on providing value-added investment opportunities through intensive renovation and improved management, plus an ability to identify markets that provide the greatest opportunity for this value-added strategy, we have achieved superior yields. During 2002, Kor closed over $100 million in acquisitions.- Management and Development
Kor Properties and Kor Hotel Group were created to provide property and asset management services to company-owned properties and to third-party hotel property owners. Our corporate office counts 30 professionals providing accounting and administrative support to our properties, while our management staff, including on-site personnel, consists of over 400 people. Kor's hotel management team includes professionals with extensive experience in sales and marketing, operations, finance and accounting, information technology, and food and beverage management. Additionally, Kor employs two Vice Presidents in charge of the multi-family properties and a two-person training department.
Kor Structures, the company's development arm, has undertaken construction and renovation work with over $100 million in refurbishment costs to date. Its completed projects include the construction of several clubhouse/leasing facilities, earthquake damage remediation, the re-development of four hotels and a ten-story office building, as well as the rehabilitation of numerous apartment units. Most recently, Kor Structures concluded a complete $15 million renovation of the former Pacific Shore Hotel in Santa Monica, and is currently converting the former Mobil Oil headquarters in downtown Los Angeles from 500,000 square feet of office space to 325 residential units.For its wholly-owned properties, Kor seeks to reinterpret the traditional concept of hospitality by creating leading boutique hotels that combine desirable location, unique design, destination dining and personalized and up-to-the-moment customer service.
By merging creativity and convenience with the most innovative style and advanced service, we deliver guests far more than just a good night’s rest. Exciting, sensual, comfortable, distinct: the experience at every property reflects the Kor Hotel Group’s mission to "overlook nothing."
Flagged Properties
With the acquisition of the 314-room Four Points Sheraton in Santa Monica and the 111-room Wyndham Summerfield Suites in West Hollywood, Kor began purchasing flagged hotels in urban core and destination locations. These acquisitions are financially and return driven, with an emphasis on obtaining each hotel asset at a price below replacement cost within the specific market. Kor then manages or asset-manages these properties with an aggressive bottom-line orientation, and focuses on maximizing the contribution of the particular brand.
In addition, Kor seeks to add value through an analysis of the effectiveness of the existing brand, and when possible, will consider a "re-branding" of the existing flag through conversion to a higher quality brand capable of driving more top-line revenues.
Third-Party Management
Kor also undertakes third-party management of hotels for outside owners on a contract basis. These agreementsare actively pursued through individual and portfolio owners, as well as existing management companies. Kor sets itself apart from other hotel management companies not only through its aggressive and professional management services, but in its willingness to invest equity capital as part of the transaction when the appropriate return characteristics are present. |
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Company Statistics |
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Property Portfolio |
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| Types of properties we operate |
Hotel, Resort |
| Types of locations |
Resorts, Major Cities |
| Properties are located in |
California |
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Company Characteristics |
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- The company is very sound financially.
- We are adding additional properties to the portfolio every year.
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Internet Links |
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