Jones Lang LaSalle Closes on $243mil in U.S. Hotels Since December
CHICAGO, IL, February 21, 2006. Jones Lang LaSalle Hotels announced today that it has arranged the sale of $243.95 million in full service hotels, representing 2,408 rooms throughout the U.S. since December, 2005.
"The sale of the Meristar portfolio is consistent with the strategy of many publicly-traded hotel companies to continue to refine their portfolios and focus on core assets," said Amelia Lim, vice president for Jones Lang LaSalle Hotels. "The level of proceeds clearly speaks to the exceptional pricing levels that can be attained in today's well-capitalized market environment."
"With a blended cap rate of sub-five percent, the sale of western U.S. assets continues to experience a surge of interest," said Arthur Buser, managing director for Jones Lang LaSalle Hotels. "Though the strategy for assets in recovering markets like the Bay Area and Portland differ from those surging markets like Pasadena and one-of-a-kind locations like Jackson Hole, the message from the investment market is clear - buy anything you can in this region."
Jones Lang LaSalle Hotels Sales Closed Transactions:
Hilton, Pasadena, CA, Carlyle Group - Amstar Group and Davidson Hotel Company
Snake River Lodge & Spa, Teton Village, WY, Vail Resorts - Lodging Capital Partners
Wyndham Garden,Pleasanton, CA ,Crow Holdings - Angelo Gordon and Rim Hospitality
Hilton, Portland, OR, Hilton Hotels Corporation - CHIEF Portland Hotel LLC
Hilton, Durham, NC, Meristar Hospitality Corporation - Interstate Hotels and Resorts
Hilton, Salt Lake City, UT, Meristar Hospitality Corporation - American Property Management
Courtyard, Durham, NC, Meristar Hospitality Corporation - Lane Hospitality
Hilton, Grand Rapids, MI, Meristar Hospitality Corporation - Lane Hospitality
Radisson, Annapolis, MD, Meristar Hospitality Corporation - Lane Hospitality
"2005 was the most active year on record in terms of U.S. hotel transaction volume for hotel assets valued at $10 million and above. More than $21 billion in U.S. hotels traded in 2005, representing a 70% lift over that of 2004 volume, and six times the volume in 2002," said Kristina Paider, director of marketing and research for Jones Lang LaSalle Hotels.
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