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News release

NEWPORT, R.I.

Historic East Coast Hotel Charms Guests and Investors

JLL closes $77 million sale of luxury asset in Rhode Island


NEWPORT, R.I., Sept. 11, 2014 – The appeal of the “Sailing Capital” of America isn’t limited to leisure travelers – investors are also drawn to the New England seaside city of Newport, Rhode Island. JLL’s Hotels & Hospitality experts today announced the sale of the 208-room Hotel Viking, which was purchased for $77 million.

Managing Director Robert Webster and Executive Vice President Tim Southard led the JLL team on the transaction.

“Hotel Viking is an independent hotel located in the heart of the high-barrier-to-entry Newport market,” said Webster. “The property’s status as a premier leisure destination coupled with the overall resurgence of corporate group travel will continue to drive strong performance for the new investors.”

The property originally opened in 1926 and is located on Bellevue Avenue, home to historic Newport’s world famous mansions. It features 14,000 square feet of meeting space, two food and beverage outlets, a spa, an indoor swimming pool and a fitness center and is a short walk from Newport Harbor, local restaurants, retail and other cultural attractions.

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 $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.