Jones Lang LaSalle Hotels’ Select Service Division Arranges Sale of Three Hotels (United States)
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Jones Lang LaSalle Hotels’ Select Service Division Arranges Sale of Three 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 2009-08-19
Select service hotel assets continue to attract investor interest across the United States
Jones Lang LaSalle Hotels’ select service division announced today the closing of three U.S. hotel assets on behalf of its clients JER and Accor.
Jones Lang LaSalle Hotels arranged the following: On behalf of Accor, the 109-room Motel 6 Jacksonville, Florida to Rick Patel and the 145-room Motel 6 in Atlanta, Georgia was sold to Mohammad Yaqoob. On behalf of JER, Jones Lang LaSalle Hotels arranged the sale of the 121-room Signature Inn to Landmark Hospitality.
"Investor interest remains steady in the select service market as financing is available for hotels trading at $15 million and below," said Al Calhoun, a managing director for Jones Lang LaSalle Hotels’ select service division.
“The high level of interest we received on these assets was due to the ability to find debt at these pricing levels,” said Chris Dewey, a vice president for Jones Lang LaSalle Hotels.
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