Jones Lang LaSalle Hotels Selected to Asset Manage the W Atlanta (United States)
|
|
Jones Lang LaSalle Hotels Selected to Asset Manage the W Atlanta (United States)
|
Category: North America & West Indies / Carribean islands - United States -
This is a press release selected by our editorial committee and published online for free on 2010-05-18
Jones Lang LaSalle Hotels has been hired by Capri Capital Partners, LLC (Capri) to provide asset management services for the W Atlanta Hotel & Residences. Capri, as manager of a commingled fund of institutional investors, assumed primary ownership of the 28-story, mixed-use hotel and condo property last month when they converted their mezzanine loan into an equity interest. Barry Real Estate Companies, Inc. will continue to have active involvement in aspects of the project.
Jones Lang LaSalle Hotels was engaged to work with hotel management and other stakeholders to maximize profitability and the value of the project. Leading the team are Bruce Stemerman and Justin Epps of Jones Lang LaSalle Hotels’ strategic advisory and asset management group.
“We are uniquely qualified to advise on first-class downtown properties such as the W Atlanta because of our integrated investment advisory platform and our expertise in maximizing value of hotel real estate,” said Bruce Stemerman, a managing director for Jones Lang LaSalle Hotels. “Atlanta’s diverse economic base, business-friendly environment and population growth will allow it to achieve above-average growth in lodging performance. We will work closely with Starwood Hotels & Resorts to enhance the hotel’s value.”
“We are pleased to have retained Jones Lang LaSalle Hotels on our team as we work to stabilize and enhance the value of this project,” said Martin G. Alston, Capri Partner/Chief Administrative Officer. “Capri believes it is beneficial to use a full service and experienced team on a project with this level of complexity.”
The W Atlanta-Downtown Hotel consists of 237 hotel rooms, 74 condominiums and BLT Steak Restaurant.
|
|
