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Sage Hospitality with Whitman Peterson acquire 852-rooms in three metropolitan areas
ATLANTA, April 4, 2013 — Jones Lang LaSalle’s Hotels & Hospitality Group today announced the firm has closed the sale of the Courtyard by Marriott Portfolio on behalf of an affiliate of Clarion Partners, LLC. Sage Hospitality with Whitman Peterson purchased six properties that are located in the major metropolitan areas of Atlanta, Dallas and Detroit. The portfolio encompasses 852 rooms, and has a 20 year relicense with Marriott. Managing Directors Al Calhoun and Mark Fair led the Jones Lang LaSalle team on this transaction.“This acquisition provides Sage Hospitality and Whitman Peterson with a critical mass of hotels with superior branding in three key select service markets,” said Calhoun. “The portfolio has the ability to substantially increase RevPAR penetration, grow NOI and provide strong investment returns.” The Courtyard by Marriott’s typical amenities include a fitness center, business center and swimming pool. The properties in the portfolio include:
The market-leading select service division of Jones Lang LaSalle’s Hotels & Hospitality Group focuses on the transaction needs of clients in the mid-tier segment of the hotel industry, ranging from $5 to $20 million in asset value. In 2012 the firm completed more than $775 million of select service transactions in the United States, representing more than 10,500 rooms.
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory and valuation assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s app from the App Store.About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. For further information, visit www.jll.com.
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