Jones Lang LaSalle Hotels Secures $50 Million Acquisition Financing for Sheraton Premiere at Tysons Corner on Behalf of The JBG Companies - Vienna, Virginie (United States)
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Jones Lang LaSalle Hotels Secures $50 Million Acquisition Financing for Sheraton Premiere at Tysons Corner on Behalf of The JBG Companies - Vienna, Virginie (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 2011-03-14
Jones Lang LaSalle Hotels has secured a $50 million loan from Mesa West Capital for the Sheraton Premiere at Tysons Corner, a 443-room, full-service hotel located in Vienna, Virginia. The debt placement falls on the heels of The JBG Companies’ December 2010 acquisition of the property from Felcor Lodging Trust. The floating rate loan will enable JBG to execute a strategic renovation of the property, which was originally constructed in 1985.
The Jones Lang LaSalle Hotels team leading this transaction included Executive Vice President Mathew Comfort working in conjunction with Executive Vice President Jeffrey Davis, Vice President Gilda Perez-Alvarado, and Associate Mike Huth.
“Although the market for renovation financing is still relatively shallow, this transaction demonstrates the availability of debt financing for transitional assets with the right characteristics. The planned renovation is expected to reposition the Sheraton as the market’s premiere group-oriented hotel,” said Comfort.
“The Sheraton Premiere fits perfectly within our lending platform of financing high-quality, well located transitional assets backed by strong local sponsors,” said Mesa West Principal Raphael Fishbach, who heads Mesa West’s New York City office and originated the loan.
The Sheraton Premiere at Tysons Corner is a 443-room upscale hotel located 10 minutes from Dulles Airport and 20 minutes outside downtown Washington, D.C. The hotel features 40,000 square feet of premium meeting space, two swimming pools and a full-service health club and sauna.
Mesa West Capital, a non-recourse portfolio lender with a capital base of more than $2.0 billion, continues to provide financing on assets in the hospitality sector including the Four Seasons, Austin, TX; Hotel Palomar, Arlington, VA and the Orrington Hotel, Arlington, IL.
This transaction represents the completion of several recent financings arranged by Jones Lang LaSalle Hotels, including the Sheraton Chicago Hotel and Towers in Chicago, IL, the Driskill Hotel in Austin, TX, the Hilton Charlotte University Place in Charlotte, NC, and the Hilton Times Square in New York, NY.
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 2010, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on $4.1 billion worth of transactions globally. In addition, advisory and valuation services were provided on over 1,000 assignments. The global team comprises over 210 hotel specialists, operating from 37 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 70 publications in 2010 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).
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development. JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. Founded in 1960, in 2010 The JBG Companies marked half a century of business success and charitable involvement in the greater Washington community.
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