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Jones Lang LaSalle closes sale of three Hilton Garden Inns and a Homewood Suites
CHICAGO, May 30, 2013 — Jones Lang LaSalle’s Hotels & Hospitality Group today announced the firm has closed the sale of the 751-room, four-property, Hilton Select Service Portfolio on behalf of Apollo Global Management and Sage Hospitality. Blackstone purchased the portfolio that included three Hilton Garden Inns located in Atlanta, Orlando and Denver, and a Homewood Suites in San Francisco. Sage Hospitality and Apollo Global Management have liquidated their ownership position in this portfolio; however, due to an outstanding management track record Sage has been retained to manage the four properties.
Managing Directors Mark Fair and Adam McGaughy, along with Vice President Katy Reynolds led the Jones Lang LaSalle team on this transaction.“We are pleased to announce a successful sale of the Hilton Select Service portfolio, completed by JLL,” said Kelly McCourt, Vice President of Marketing at Sage Hospitality. “Additionally, we have been retained by Blackstone to continue managing the assets. We will continue to drive the properties forward seeking optimum results, while focusing on providing outstanding customer service to all our guests.”
“The Hilton Select Service Portfolio provided an outstanding opportunity to acquire institutional quality assets strategically located in thriving markets with superior brand affiliation. The new ownership will benefit from strong in-place cash flow and exceptional upside potential,” said McGaughy.
“To diversify their portfolios we’re seeing well-performing select service hotels in core markets peek the investment community’s interest. This portfolio was able to close within 100 days of going to market which is a true testament to the robust upscale select service transaction market,” added Fair.
In 1999, Sage Hospitality developed and co-invested in the Hilton Select Service portfolio of hotels which includes: Hilton Garden Inn Orlando, HGI Atlanta Perimeter Center, HGI Denver South and Homewood Suites SFO Airport. Sage has consistently been involved in ownership of this asset group since 1999; however their co-investment partners have transitioned to most recently Apollo Global Management. Under Sage’s leadership, these hotels have exceeded expectations in revenue and guest service metrics.
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, valuation and asset management 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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
About Apollo Global ManagementApollo is a leading global alternative asset manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of more than $114 billion as of March 31, 2013, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
About Sage HospitalityFounded in 1984, Sage Hospitality has strategically grown into one of the largest privately held hotel management, investment and development companies in the nation operating a variety of large, full-service hotels and extended stay and select-service properties. Sage Hospitality's comprehensive management portfolio includes major international brands for Marriott, Starwood, Hilton and IHG as well as the independent boutique hotels. Sage Hospitality has further differentiated with the creation of the Sage Restaurant Group, which has created and is managing over nine unique restaurant concepts including the acclaimed Mercat a la Planxa restaurant in Chicago. For more information, please visit www.sagehospitality.com.
About BlackstoneBlackstone is a global leader in private equity real estate investing. Founded in 1991, Blackstone’s real estate business is the largest opportunistic real estate investment manager in the world, with more than $50 billion in investor capital under management. Blackstone’s portfolio includes hotel, office, retail, industrial and residential properties in the U.S., Europe and Asia. Major holdings include: Hilton Worldwide, Equity Office Properties, Brixmor shopping centers and London’s Broadgate office complex. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies they invest in, the companies they advise and the broader global economy. In addition to managing real estate private equity funds, our alternative asset management businesses include the management of private equity funds, hedge fund solutions, credit-focused funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.
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