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Blackstone’s select-service portfolio features 15 strong performing properties across East Coast and Mid-Atlantic
NEW YORK, Dec. 23, 2013 — On behalf of Blackstone Real Estate Advisors, L.P. Jones Lang LaSalle (JLL) today announced the firm has secured $186 million in acquisition financing for a 15-property select-service hotel portfolio. Deutsche Bank provided the five year, floating-rate loan.
Executive Managing Director Peter Nicoletti, and Managing Director Mathew Comfort along with Executive Vice Presidents Dustin Stolly and Bill Grice led the JLL team on this transaction.
“The floating rate debt markets continue to evolve in the favor of top tier sponsors. The transaction appealed to a wide variety of capital sources that were willing to provide Blackstone with the flexibility and structure necessary to implement their business plan for each of the assets,” said Nicoletti.
Added Comfort, “The portfolio benefits from superior sponsorship that provided a significant equity investment of nearly $50 million as well as their global brand recognition. In addition to the strong in-place cash flow, there is limited new supply in each market, which will bolster the portfolio’s performance going forward.”
The portfolio features 1,642 keys that are located in Pennsylvania, New York, North Carolina, New Jersey, Rhode Island, Connecticut and Delaware.
The hotels featured strong brand affiliations, superior management and amenities across the assets that included onsite fitness centers, meeting space facilities, swimming pools, and business centers.
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 LaSalle
Jones 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 $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
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