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News release

NEW YORK, NY

JLL Arranges Transaction of Iconic InterContinental New York Barclay

InterContinental Hotels Group retains long-term management contract


​NEW YORK, April 3, 2014 – On behalf of InterContinental Hotels Group (IHG), JLL’s Hotels & Hospitality Group today announced it arranged the transaction of the historic 685-room InterContinental New York Barclay, located at 111 East 48th Street in Midtown Manhattan, New York.  

Constellation Barclay Holding US, LLC, an affiliate of Constellation Hotels Holding Limited, acquired an 80 percent interest in the asset for $240 million, which values the Hotel at $300 million prior to refurbishment. IHG will hold the remaining 20 percent. Together, the joint venture will own and renovate the asset, which is subject to a long-term management contract with IHG.

The JLL Hotels & Hospitality Group was led by Mark Wynne-Smith, Global CEO, Arthur Adler, Managing Director and CEO, Americas, Managing Director Jeffrey Davis and Executive Vice President Gilda Perez-Alvarado.

“The parties of this joint venture seized an incredible opportunity to own and elevate the positioning of an iconic hotel in one of the top global lodging markets,” said Wynne-Smith. “We expect New York to continue its position as the leading market for investments in the United States as a result of its tremendous appeal to both domestic and off-shore investors.”

According to Adler, the InterContinental New York Barclay attracted strong interest from domestic, Middle Eastern and Asian investor groups by virtue of its long-standing reputation in New York, its world-class affiliation with InterContinental Hotels, and its location in one of Manhattan’s strongest lodging sub-markets.   

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 totalling 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 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 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