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News release

FORT LAUDERDALE, FL

B Ocean Fort Lauderdale Sells for $65 Million

AAA 4-Diamond Oceanfront hotel presents opportunity to seize high returns


FORT LAUDERDALE, Fla., June 19, 2014 – Leisure and business travelers are flocking to Fort Lauderdale and the investment community is right behind. Today JLL’s Hotels & Hospitality group announced that the team arranged the sale of the B Ocean Fort Lauderdale Hotel on behalf of Insite Group and Quadrum Global. Hospitality Properties Trust purchased the property for $65 million and has rebranded it the Sonesta Fort Lauderdale.

Managing Director Gregory Rumpel, Senior Vice President Andrew Dickey and Vice President Zayli Rodriguez led the JLL team on the transaction.

“Fort Lauderdale’s lodging market exhibits high barriers to entry and limited supply, particularly for luxury product,” said Rumpel. “B Ocean Fort Lauderdale is in prime condition and has already demonstrated its strong in-place cash flow, while offering plenty of opportunity to increase yield.”

Ideally situated near the Fort Lauderdale International Airport, two cruise ports, the Greater Fort Lauderdale Convention Center and numerous dining and entertainment venues and cultural attractions, the 240-key beachfront hotel features an open, contemporary lobby, newly renovated guestrooms, a top-floor meeting space, an infinity-edge pool and two restaurant options. The sale also included a 1.2 acre development site situated adjacent to the hotel.

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 fee revenue of $4 billion, JLL has more than 200 corporate offices and 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 $48.0 billion of real estate assets under management. For further information, visit www.jll.com. ​