Business & Finance

JLL Arranges Sale of the Sheraton Atlanta Hotel

ATLANTA, GA. March 14, 2017 – JLL today announced that it has arranged the sale of the Sheraton Atlanta Hotel on behalf of affiliates of Amerimar Enterprises and Contrarian Capital. Affiliates of Arden Group purchased the 763-key property, located in downtown Atlanta.

Managing Director Robert Webster, Executive Vice President Tim Southard and Vice President John Harper led the JLL team on the transaction. JLL has now sold over $1 billion in Atlanta hotels since 2013, including over $600 million Downtown.

“The sellers recently transformed this institutional quality asset through significant renovations. And it’s located adjacent to Georgia State University in rapidly growing Downtown Atlanta, making it very appealing to buyers,” said Webster. “With limited new supply in the area and increasing demand, Atlanta’s lodging market is expected to continue growing in the years to come.”

The Sheraton Atlanta Hotel has 90,000 square feet of meeting space, three food and beverage outlets, a fitness center and an indoor pool.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $68 billion worldwide. Between negotiating property deals, the group’s 350-person global team also closed more than 4,400 advisory, valuation and asset management assignments. To find out more visit: www.jll.com/hospitality

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

Contact:
Maggie Nichols
Email: maggie.nichols@am.jll.com
Phone: +1 312 288 3837

Chris Walsdorf
chris.walsdorf@am.jll.com
+1 312 228 2955

Coming Up In The May Online Hotel Business Review




Feature Focus
Eco-Friendly Practices: The Value of Sustainability
The hotel industry continues to make remarkable progress in implementing sustainability policies and procedures in their properties throughout the world. As a result, they continue to reap the benefits of increased profitability, enhanced guest experiences, and improved community relations. In addition, as industry standards are codified and adopted worldwide, hotels can now compare how their operations measure up against their competitors in terms of sustainable practices and accomplishments. This capacity to publicly compare and contrast is spurring competition and driving innovation as hotels do not wish to be left behind in this area. Water management and conservation is still a primary issue as population growth, urbanization, pollution and wasteful consumption patterns place increasing demands on freshwater supply. Water recycling; installing low-flow fixtures; using digital sensors to control water usage; and even harvesting rainwater are just a few things that some hotels are doing to preserve this precious resource. Waste management is another major concern. Through policies of reduce, reuse and recycle, some hotels are implementing “zero-waste” programs with the goal of substantially reducing their landfill waste which produces carbon dioxide and methane gases. Other hotels have established comprehensive training programs that reinforce the value of sustainability. There is employee engagement through posters and quizzes, and even contests are held to increase innovation, sensitivity and environmental awareness. Some hotels are also monitoring a guest’s energy usage and rewarding those who consumed less energy with gifts and incentives. The May issue of the Hotel Business Review will document how some hotels are integrating eco-friendly practices into their operations and how they and the environment are benefiting from them.