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OTO Development LLC retained to manage properties
ATLANTA, April 2, 2014 – From top-performing submarkets to urban centers with high barriers to entry, investors are keen on select service properties – especially when this variety comes in the form of a portfolio. Select Service hotel trades increased 145 percent during the first eight months of 2013 and this momentum has continued into 2014. On behalf of OTO Development LLC, JLL’s Hotels & Hospitality Group experts today announced the sale of the National Upscale Select Service Portfolio. The portfolio consists of 15 properties located along the country’s East and West coasts. Blackstone was the buyer of the portfolio.
Managing Directors Mark Fair and Al Calhoun, along with Senior Vice President Samantha Fisher led the JLL team on the transaction.
“This portfolio is recognized as one of the highest quality select service portfolios on the market and received a great deal of interest from numerous investors,” said Fair. “The assets were aggressively pursued, showcasing the appetite investors have for select service portfolios with scale for institutional capital.”
Added Fisher, “The portfolio features diverse geographic locations, including seven properties in high barrier to entry markets in Southern California.”
The portfolio includes 1,856 keys across 15 hotels located in Alabama, California, Connecticut, Florida, Pennsylvania and metropolitan Washington D.C. All hotels benefit from Hilton, Hyatt or Marriott branding. On average, properties are less than five years old and many feature amenities including sundry shops, fitness centers, outdoor patios and business centers.
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 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.
For more news, videos and research from JLL’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 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 www.jll.com.
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