Jones Lang LaSalle Arranges Sale of Grand Hotel in Minneapolis

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. October 12, 2010

October 11, 2010 - On behalf of the seller, Jones Lang LaSalle Hotels has arranged the sale of the Grand Hotel in downtown Minneapolis to Pebblebrook Hotel Trust for $33 million in cash. The hotel will be managed by Kimpton Hotels and Restaurants.

The Grand Hotel is a 140-room, AAA four- diamond, upper-upscale, full-service hotel, featuring the 58,000-square foot Life Time Athletic Club and Life Spa. The Grand Hotel Minneapolis is an iconic hotel located in the downtown Minneapolis CBD. The hotel is linked to the 225 South Sixth building, a trophy office building, as well as the Minneapolis Skyway System, which connects 69 city blocks.

“Already recognized as one of the top tier properties in the market, the Grand Hotel will benefit from Pebblebrook's vision and strategy aimed at taking the hotel to the next level and repositioning it within the well regarded Kimpton collection of hotels,” said Adam McGaughy, an executive vice president for Jones Lang LaSalle Hotels.

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 2009, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on over $1.6 billion worth of transactions globally. In addition, advisory and valuation services were provided on nearly 800 assignments. The global team comprises over 200 hotel specialists, operating from 36 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 80 publications in 2009 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.