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Hotel transaction volume in downtown Chicago expected to remain robust moving into 2014
CHICAGO, Dec. 23, 2013 — Representing the Royal Bank of Scotland Group plc, Jones Lang LaSalle’s (JLL’s) Hotels & Hospitality Group arranged the sale of the Renaissance Chicago Downtown Hotel. Carey Watermark Investors Incorporated. purchased the 553-key hotel for $139 million, the largest hotel transaction in downtown Chicago this year. JLL has now advised clients on two hotel sales and two refinancings in downtown Chicago since October, signaling investors are keen to take advantage of the market’s robust lodging fundamentals.
Managing Director Adam McGaughy and Senior Vice President John Nugent led the JLL team on this transaction.
“Through our focused marketing process, we found that a wide variety of institutional investors are actively seeking high-quality, well-located Chicago hotel opportunities, given the solid future outlook for the market,” said McGaughy. “Specifically, the Renaissance Chicago Downtown is expected to experience strong near-term growth given the new owner’s planned improvements, the power of the Marriott brand affiliation, and the irreplaceable nature of the real estate.”
Situated at the intersection of Wacker Drive and State Street, the property’s highly-visible and centralized location caters to all types of visitors coming to Chicago including the corporate, convention and leisure markets. The hotel is situated within the downtown ‘Loop,’ just three blocks west of North Michigan Avenue and across the Chicago River from the city’s foremost nightlife and entertainment neighborhood - River North. The Renaissance Chicago Downtown is one of Chicago’s preeminent full-service hotels, featuring 35,000 square feet of meeting space, a spa and fitness center, and three food and beverage outlets.
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 $46.7 billion of real estate assets under management. For further information, visit www.jll.com.