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JLL closes $57.5 million sale of b2 miami downtown
MIAMI, Oct. 6, 2014 – Between Brickell and beaches, one of Miami’s newest hotel assets is poised to welcome both leisure and business travelers. On behalf of InSite Group, JLL’s Hotels & Hospitality experts today announced the sale of b2 miami downtown. Host Hotels & Resorts purchased the 242-key, recently renovated, asset for $57.5 million.
Managing Director Gregory Rumpel, Senior Vice President Andrew Dickey and Vice President Zayli Rodriguez led the JLL team on the transaction.
“Downtown Miami’s economy continues to grow and we anticipate that this will drive lodging demand and as a result, deliver strong returns,” said Rodriguez. “b2 miami downtown is a well-maintained, high-quality asset strategically and ideally situated in the center of the Downtown action and it is well positioned to benefit from existing and considerable new demand generators.”
The boutique hotel is located near Miami’s beaches, cultural attractions, shopping, dining and entertainment venues and the financial district. Property amenities feature approximately 1,000 square feet of meeting space, a fitness center, a spa suite and a signature restaurant.
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, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
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 JLLJLL (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.
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