Closes a Nine-Property Hampton Inn Portfolio
|ATLANTA – January 11, 2006 – Jones Lang LaSalle Hotels Select Service
Division announced today that they advised Mercury Investment in the disposition
of a portfolio of nine Hampton Inn Hotels in the month of December.
The hotels were sold to Encore Enterprises for $100 Million. Located
in various markets across the country, the properties comprised 1,238 rooms,
which included the following assets:
“We are very pleased with the nine-property Hampton Inn portfolio sale. This transaction represents the very essence of Select Service hotel real estate today where brand, box and locale are the core value creation factors. These were very desirable assets in the Hampton Inn system and five of the nine were non-replaceable. This represents a large transaction for the purchaser, Encore Enterprises of Gulfport, Mississippi, and a timely disposition for the seller,” said Keith Thompson, one of three managing directors for Jones Lang LaSalle Hotels’ Select Service Division. “Although the average sales price per room was $81,000 on the portfolio as a whole, the per property allocation represented below replacement cost for several of the properties while exceeding replacement cost for the non-replaceable assets. The purchaser anticipates strong accretive value through per-property focused management and increased sales through their unique marketing abilities.”
“The sale was a strategic disposition by the seller allowing them to reallocate capital for other non-hotel acquisition opportunities,” said Chris Dewey, vice president for Jones Lang LaSalle Hotels’ Select Service Division.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the world’s leading hotel investment services group, provides clients with value-added investment opportunities and advice. In the US, Jones Lang LaSalle Hotels is ranked as the leading transaction advisor for hotel sales over $25 million. In 2004, its global success story includes the sale of 23,103 hotel rooms to the value of US$5.2 billion in 85 cities and advisory expertise on 132,498 rooms to the value of US$27.9 billion across 301 cities. Jones Lang LaSalle Hotels’ services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research. Jones Lang LaSalle (NYSE: JLL) is the world’s leading real estate services and investment management firm, operating across more than 100 key markets on five continents. www.joneslanglasallehotels.com
|Also See:||Jones Lang LaSalle Hotels Select Service Division Closes 10 Hotel Transactions / October 2005|
|Jones Lang LaSalle Hotels Select Service Division Closes Seven Hotel Transactions / July 2005|