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
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.
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