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Acquisition financing secured for boutique hotels located in downtown Chicago and Denver
NEW YORK, Feb. 12, 2014 — On behalf of Inland American Lodging Advisor, Inc., Jones Lang LaSalle's (JLL) Hotels & Hospitality Group announced the firm has arranged a total of $68.5 million of acquisition financing for two Hotel Monaco properties. A $27.5 million floating-rate, balance sheet loan was provided by a money center bank on the Hotel Monaco Chicago. A large regional bank provided a $41.0 million floating-rate, balance sheet loan for the Hotel Monaco Denver. The two hotels were purchase by Inland American in November 2013.
Hotel Investment Banking Managing Director Mathew Comfort and Senior Vice President Mike Huth along with Capital Markets Executive Vice President Keith Largay led the JLL team on this transaction.
"The floating-rate loans provide Inland American with an optimal blend of proceeds and flexibility at very attractive interest rates," said Comfort.
"Both hotels are in excellent condition and benefit from experienced sponsorship, top-tier management, and have a history of strong cash flow, making these attractive financing opportunities for lenders," added Huth.
The Hotel Monaco Chicago is located at 225 North Wabash Avenue, in close proximity to the city's central business district, cultural attractions, and entertainment venues. The 191-key hotel features 4,100 square-feet of meeting space, South Water Kitchen restaurant, a fitness center, and spa services.
The Hotel Monaco Denver is located at 1717 Champa Street in energetic Lower Downtown Denver. The 189-key hotel features more than 4,000 square-feet of meeting space, Panzano restaurant, a fitness center, and full-service spa.
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 300 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 $36.0 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 iPhone app or iPad app from the App Store.
About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 100 hotels with 19,438 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, Kimpton and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
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 $63.0 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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