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News release

MIAMI, FL

Miami’s Newest Beachfront Hotel Sells

Amidst high barriers to entry, Hilton Cabana Miami Beach presents lucrative investment opportunity


​MIAMI, June 26, 2014 – Remaining a popular destination for both domestic and international travelers, Miami continues to be a target for the investment community. JLL’s Hotels & Hospitality experts closed the sale of the Hilton Cabana Miami Beach on behalf of a joint venture between affiliates of Rockpoint Group, L.L.C., The Witkoff Group, and Highgate Hotels. RLJ Lodging Trust purchased the asset in a forward sale for $71.6 million, which was completed upon the hotel opening. Kobi Karp Architecture & Interior Design, Inc. led design efforts.

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

“RLJ Lodging Trust capitalized on a rare opportunity to acquire a brand new hotel located along the Miami beachfront,” said Rumpel. “Scarcity and competition continue to propel values while Miami’s average daily rate (ADR) continues to climb, delivering incredible returns to investors.”

Added Dickey, “RLJ clearly had the vision for growth in Miami Beach, executing the forward sale in 2012 and delivering value to their investors. Additionally, the hotel’s performance will greatly benefit from its affiliation with the Hilton brand and the management of Highgate Hotels.”

The 231-key hotel totals approximately 150,000 square-feet and is located on Miami Beach’s “Mid-Beach” area offering the newest hotel on Miami Beach. The hotel features on-site restaurant L'echon Brasserie, two outdoor pools and pool bars, outdoor court seating, poolside cabanas and a fitness center, among other amenities.

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: http://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. JLL is the brand name of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.