Jones Lang LaSalle Announces $61 Million Sale of Continental South Beach Hotel
MIAMI, FL - April 25, 2011 - On behalf of RFR Holding LLC, Jones Lang LaSalle Hotels is pleased to announce the sale of the Continental South Beach Hotel in Miami Beach, Florida to InSite Group for $61 million.
The Continental South Beach has a premier ocean front address, located in the heart of Miami Beach's ultra-trendy South Beach at Collins Avenue and 18th Street. The eight-story, 251-room hotel is approximately 146,000 square feet. The property has direct ocean access and is located in “SoBe 10” (15th thru 24th street considered the golden mile of South Beach).
“The acquisition of the Continental South Beach provides InSite Group the opportunity to enter the tightly held corridor, with a rare opportunity to reposition a large hotel in Miami Beach's high barrier-to-entry market,” said, Gregory Rumpel, an executive vice president for Jones Lang LaSalle Hotels. “Excellently situated near Lincoln Road, the recently opened New World Symphony and the famous Ocean Drive, the hotel will cater to a diverse tourism market."
South Beach is the most popular tourist destination in Miami, and one of the most enticing destinations in the world. The Miami hospitality market is expected to have robust growth in 2011 with 11-12% RevPAR growth and continue to be an international tourist hot-spot attracting a unique mix of Latin American, European and domestic visitors.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2010, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on $4.1 billion worth of transactions globally. In addition, advisory and valuation services were provided on over 1,000 assignments. The global team comprises over 210 hotel specialists, operating from 37 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 70 publications in 2010 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com.
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