Hotel Online Special Report


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Jones Lang LaSalle Hotels Select Service Division
Closes Radisson Fort Worth North Hotel
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FORT WORTH, TEXAS – January 2, 2007 – Jones Lang LaSalle Hotels Select Service Division announced today that they advised Allegiance Hospitality Corporation in the disposition of the Radisson Fort Worth North Hotel in Fort Worth, Texas. The hotel was sold to Tog Enterprises, headed by Terry Tognazzini.  The Radisson Fort Worth North is comprised of one, six-story interior corridor building consisting of 247 guest rooms. The hotel was built in 1986 as a Holiday Inn, and in April 2006, was converted to a Radisson after an approximately $5 million renovation. The hotel provides an indoor swimming pool, fitness center, gift shop, restaurant and lounge, business center, guest laundry facility and approximately 11,000 square feet of flexible meeting space. 

“We were delighted to achieve a relatively quick disposition of this asset at a very favorable price for our client,” said Monty Levy, senior vice president for Jones Lang LaSalle Hotels Select Service Division. 

“The property represents a good opportunity for the buyer to expand its holdings in Texas,” said Ros Mallory, vice president for Jones Lang LaSalle Hotels Select Service Division. 

According to Jason Clouet, president of Allegiance Hospitality Corporation, “Monty, Ros and the entire Jones Lang LaSalle Hotels team provided us with excellent advice and representation in the sale of this hotel, and were critical in helping us achieve our goal in this disposition.”

About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the world’s leading hotel investment services firm, is uniquely positioned to provide both the depth and breadth of advice required by leading hotel companies and hotel investors globally. In 2005, Jones Lang LaSalle Hotels sold 32,049 hotel rooms to the value of US$7.9 billion in 72 cities, which represents an increase of 52% on the value of transactions in 2004. In addition advisory and valuation expertise was provided on 139,498 rooms to the value of US$31.8 billion across 265 cities. Jones Lang LaSalle Hotels adds value for clients through in depth market knowledge both in established and emerging markets, technical expertise and unrivalled experience. Their services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection, hotel consulting, industry research and project development services. Recently recognized by Forbes Magazine, on the prestigious Platinum 400 list, Jones Lang LaSalle (NYSE: JLL), the world’s leading real estate services and investment management firm, has more than 100 offices worldwide and operates in more than 430 cities in 50 countries. www.joneslanglasallehotels.com

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Contact

Kristina Paider
Jones Lang LaSalle Hotels 
  Email: Kristina.paider@am.jll.com
  Phone:  +1 312 228 2107
www.joneslanglasallehotels.com


 
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Also See: Jones Lang LaSalle Hotels Select Service Division Closes a 15-Property Portfolio Sale / December 2006
Jones Lang LaSalle Hotels Select Service Division Closes the Sale of 19 Hotel Transactions in December / January 2006
Jones Lang LaSalle Hotels Select Service Division Closes a Nine-Property Hampton Inn Portfolio / January 2006
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
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