MIP hotel portfolio sold.On behalf of its client MeriStar Investment Partners, L.P., Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. Hotels announced the sale of the seven-hotel, 2,004 room MIP MIP See: Monthly income preferred security hotel portfolio to affiliates of Ashford Hospitality Trust. The portfolio includes the 263-room Embassy Suites Philadelphia Airport, the 249-room Embassy Suites Walnut Creek Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. in California, the 300-room Hilton Minneapolis Airport, the 375-room Sheraton Anchorage, the 260-room Sheraton San Diego Mission Valley, the 323-room Marriott Trumbull in Connecticut, and the 234-room Sheraton Iowa City. "The portfolio was offered unencumbered by management, offering the buyer value engineering opportunities through the introduction of new operating, sales and marketing and cost control strategies," said Amelia Lim, vice president for Jones Lang LaSalle Hotels in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . "Numerous other factors contributed to the strong appeal of this portfolio, including the fee simple interests, the rebranding opportunities, the upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar through renovations and the potential recapture of the management fee-income stream." |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion