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On behalf of The JBG Companies ®., Jones Lang LaSalle was retained to offer for sale the 154-room Palomar Arlington. Located in the Rosslyn area of Arlington, the Property, the only boutique hotel in the Arlington market, was offered unencumbered by brand and management. The Hotel is situated on the 4-11 floors of the residential tower at Waterview Place, the Pei, Cobb, Freed & Partners-designed mixed-use project developed in 2007 by The JBG Companies ®. The Hotel is complimented by Class A office space and high-end residential condominiums in the complex. The Hotel benefited from strong performance in both occupancy and ADR since its opening and outperformed its competitive set even during the economic recession. Jones Lang LaSalle created a competitive bidding environment that resulted in seven groups chasing the transaction. HEI Hotels & Resorts ultimately emerged as purchaser due to its competitive price and significant upfront due diligence. HEI plans to convert the Hotel to a Le Méridien.
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