Jones Lang LaSalle Hotels Selected By Ocean Park Hotels to Market for Sale Four California Hotels (United States)
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Jones Lang LaSalle Hotels Selected By Ocean Park Hotels to Market for Sale Four California Hotels (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2008-04-30
On behalf of Ocean Park Hotels, Inc. and their various partners, Jones Lang LaSalle Hotels is pleased to announce the listing of four California hotel properties including the Hilton Garden Inn Monterey, the Courtyard by Marriott Thousand Oaks, the TownePlace Suites by Marriott Thousand Oaks and the Hampton Inn and Suites Camarillo.
The four properties, which represent a total of 532 keys in three well-established California hotel markets, are all fee-simple, being offered unencumbered by management, and affiliated with either the Marriott or Hilton family of brands.
“In addition to the phenomenal location and brand affiliations, the three newly built Southern California properties and the significantly renovated Monterey property offer buyers the ability to invest in superior physical assets,” said Jason Jones, a senior vice president for Jones Lang LaSalle Hotels. “Additionally, all have strong cash flows with tremendous upside potential.”
“The properties will be marketed as three packages and bids will be taken on that basis by early June,” said John Strauss, an executive vice president for Jones Lang LaSalle Hotels. “The barriers to entry for new supply along the central coast of California are among the highest in the country. That, coupled with strong and consistent demand patterns, will make this one of the most sought after hotel opportunities in California in 2008.”
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