Jones Lang LaSalle Hotels and Barclays Capital Bring to Market Portfolio of Three Luxury Hotels (United States)
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Jones Lang LaSalle Hotels and Barclays Capital Bring to Market Portfolio of Three Luxury 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 2011-04-29
Jones Lang LaSalle Hotels, in conjunction with Barclays Capital, announced today that it will market for sale a portfolio of three luxury hotels. The Fairmont Orchid Hawaii, (Kohala Coast, Hawaii,) The Stanford Court, a Renaissance Hotel, (San Francisco, California) and Four Seasons Vail, (Vail, Colorado) are available for purchase individually or as a portfolio.
The 538-room, Fairmont Orchid Hawaii is located on the sought after, high barriers-to-entry Kohala Coast. The 32.6 acre oceanfront resort features 106,000 square feet of indoor and outdoor meeting space, five restaurants and four lounges, and a luxury spa and 1,700 square foot fitness center and is being offered fee simple.
Situated on Nob Hill, The Stanford Court, a Renaissance Hotel is an eight-story historic property featuring 393 guest rooms, on long-term ground lease. The Hotel recently underwent a $32 million guestroom, and public and meeting space renovation, and features 11,000 square feet of meeting space, two food and beverage outlets, and a fitness center.
The newly constructed, five-star Four Seasons Vail is situated in the Rocky Mountains of Vail, Colorado. The 10-story, 121-room property features three food and beverage outlets, more than 8,000 square feet of meeting space, a 14,000 square foot destination spa, and 2,400 total potential square feet of retail space. In addition, the Resort contains 16 Four Seasons-branded whole ownership condominiums, plus 19 branded fractional units that are being offered in 1/12th fractional interests (228 total interests, of which 201 remain available).
"With the rebounding economy and the lack of new supply in these high barrier-to-entry markets, all three of these trophy assets are poised for extremely strong performance over the next several years and will command significant attention in the marketplace," said Arthur Adler, managing director and CEO-Americas, Jones Lang LaSalle Hotels. "Furthermore, the market for condominiums and fractional product in unique locations has improved dramatically, which offers investors with the opportunity to recognize shorter term capital appreciation through the sale of Four Seasons-branded residential units in Vail."
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).
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