Jones Lang LaSalle Hotels Brings to Market Estancia La Jolla on Behalf of Lowe Enterprises (United States)
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Jones Lang LaSalle Hotels Brings to Market Estancia La Jolla on Behalf of Lowe Enterprises (United States)
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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 2011-06-06
Jones Lang LaSalle Hotels announced today that it will market for sale the Estancia La Jolla Hotel & Spa, on behalf of an affiliate of Lowe Enterprises (Lowe). The 210-room property is being offered unencumbered of both brand and management.
Developed by Lowe and opened in 2004, the resort is an excellent physical asset with stunning architectural features reminiscent of luxurious Spanish missions. The property features three restaurants and lounges, the 8,000-square-foot Spa at Estancia, and more than 21,000 square feet of meeting space, including San Diego’s only IACC-certified conference center space. Since its debut, the Estancia La Jolla has been operated by Destination Hotels & Resorts, Lowe’s hospitality management subsidiary. The Estancia was included on the Conde Nast Traveler “Hot List” of the best new hotels in the world for 2005-2006.
“Estancia La Jolla offers a new owner the opportunity to acquire one of the newest coastal California resorts in an excellent, high barrier-to-entry location,” said John Strauss, a managing director for Jones Lang LaSalle Hotels. “The unencumbered nature of the offering will afford a new owner a great deal of flexibility in determining its operating plan for the property.”
San Diego, the second largest city in California, is a regional economic powerhouse buoyed by diverse industries including pharmaceuticals, bio-tech, high-tech, education, and defense. Investors will be able to capitalize on the strong market rebound underway in San Diego, which has experienced a year-to-date 12 percent increase in RevPAR. Following a market recovery, the hotel is poised to rebound to levels greater than the prior peak.
Located in one of San Diego’s most upscale neighborhoods, the Estancia provides convenient access to La Jolla’s key demand generators including Torrey Pines Golf Course, downtown La Jolla’s famed Prospect Street, and corporate drivers such as the Scripps Institute, Johnson & Johnson, Pfizer, and Qualcomm.
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 225 hotel specialists, operating from 39 offices in 20 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 Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 39 years, it has developed, acquired, or managed more than $16 billion of real estate assets nationwide. Lowe is currently responsible for more than $5 billion of commercial, hospitality, and residential assets. Through its hospitality management subsidiary, Destination Hotels & Resorts, the firm manages more than 30 luxury and upscale hotels, resorts, and conference centers containing more than 8,000 guest rooms. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Southern California, Northern California, Denver, and Washington, D.C.
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