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News release


JLL Closes $61M Sale of Historic Georgian Terrace Hotel

​​​ATLANTA, April 1, 2014 – On behalf of CSC Georgian Terrace, LP, JLL’s Hotel & Hospitality Group today announced the sale of the Georgian Terrace Hotel, along with an adjacent 698-space parking structure and a 0.3 acre development parcel. Sotherly Hotels purchased the asset for $61 million. Over the course of a five-year term, JLL has provided advisory services, asset management expertise and also secured $41.5 million in acquisition financing.

Managing Director Jeffrey Davis and Senior Vice President Tim Southard led the JLL team on the sale while Executive Vice President Bill Grice led the financing efforts.

“Located in Atlanta’s thriving midtown district, the Georgian Terrace Hotel is an iconic property that is among the top-tier historic hotel assets in the country,” said Davis. “The hotel’s performance has steadily improved and we expect returns to continue to trend upward due to the impressive physical asset and the dynamic growth in the immediate area.”

“Atlanta’s lodging industry has gained increasing momentum due to its status as a top five convention destination, numerous cultural and entertainment attractions, pro-business environment and close proximity to one of the world’s highest traffic airports.  Sales volumes reached $475.5 million in 2013 and we’ve already seen a great deal of investor interest during 2014’s first quarter,” said Southard.

“Lenders continue to aggressively seek out opportunities to finance well-positioned lodging assets with superior sponsorship. Today’s favorable debt capital markets allowed JLL to arrange an on-balance sheet loan with ideal leverage and flexibility on behalf of our clients,” said Grice.

The 326-key boutique hotel is located at the intersection of Peachtree Street and Ponce de Leon Avenue, along Atlanta’s midtown mile directly across from the historic Fox Theatre. Known for its impressive architectural design, the hotel features the market’s largest guestrooms, three ballrooms, more than 16,000 square feet of meeting space and three food and beverage outlets.

The sale of the Georgian Terrace Hotel marks JLL’s fourteenth transaction in Atlanta during the past 18 months, totaling more than $530 million in sales, amounting to more than 75 percent of hotel transactions in the market.

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 US $36 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.

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About JLL
JLL (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 $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit