|
|
in Downtown Monterey, California Sold for Approximately $150,000 per Room |
Los Angeles, April 16, 2002 � Jones Lang LaSalle Hotels has arranged
the sale of the leasehold interest in the Hotel Pacific in Monterey, California
to buyer, Not On Cannery Row LLC, a consortium of San Francisco based investors,
for approximately $150,000 per room. Coastal Hotel Group will continue
to manage the property. The sale of this property completes Jones Lang
LaSalle Hotels' disposition of the five-property California coastal boutique
hotel portfolio, as well as The Marshall House in Savannah, GA, on behalf
of UBS Warburg.
"Five out of six hotels in this portfolio were sold prior to September
11," said Vice President John Strauss of Jones Lang LaSalle Hotels who
was instrumental in the deal. "This sale was delayed in light of the terrorist
attacks, which obviously caused investors and lenders to pause and re-think
their strategies. Once the general marketplace solidified, interest by
both groups rebounded."
In early July 2001, Classic Hotels & Resorts of Phoenix, Arizona purchased the 70-room, oceanfront Inn at Laguna for approximately $275,000 per hotel room. In October 2001, the Marshall House, an upscale boutique hotel property in Savannah, Georgia, was sold to local company, HLC Hotels, Inc. "The six-hotel portfolio was probably the most sought-after hotel portfolio during the first half of 2001," added Arthur Buser, Managing Director and Head of West Coast Operations for Jones Lang LaSalle Hotels. "Even though the technology bust in Northern California had ripple effects on Monterey's group and leisure hotel market, the strategic location and inherent high barriers resulted in the long-term hold perspective of the bidders and the extremely favorable pricing for the seller." Mark Weinstock, a partner in the Real Estate and Global Hospitality
Groups of Jeffer, Mangels, Butler and Marmaro LLP, was the lead attorney
representing the seller in the portfolio transactions.
|
Also See | Six Boutique Hotel Portfolio for Sale, Five California Coast Hotels and The Marshall House in Savannah, Georgia / Oct 2000 |
###
Jones Lang LaSalle Hotels Leah Davis tel +1 480 219 8690 |