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National portfolio of five hotels features strong in-place cash flow
NEW YORK, Feb. 6, 2014 — On behalf of Ashford Hospitality Trust, JLL’s Hotels & Hospitality Group today announced the firm has secured $200 million in debt refinancing for a five-property, geographically diverse hotel portfolio.
Totaling 1,442 rooms, the refinanced properties include the Embassy Suites Philadelphia Airport, Embassy Suites Walnut Creek, Hilton Minneapolis/St. Paul Airport Mall of America, Sheraton Mission Valley Diego Hotel and Sheraton Anchorage Hotel & Spa.
Managing Director Mathew Comfort and Executive Vice President Bill Grice led the JLL team on this assignment.“This offering provided lenders an outstanding opportunity to finance a strong portfolio held by Ashford Trust, one of the nation’s largest hotel REITs,” said Comfort. “The hotels are backed by institutional sponsorship, best-in-class management and a prominent affiliation with globally recognized brands.”
Added Grice, “The portfolio has seen a steady increase in ADR over the past twelve months and it is well positioned to further capitalize upon operating revenue momentum as lodging market fundamentals continue to improve in 2014.”
JLL’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 Ashford Hospitality TrustAshford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry across all segments and at all levels of the capital structure primarily within the United States. Ashford Hospitality Prime is a conservatively capitalized real estate investment trust (REIT) focused on investing in high RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets.
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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