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News release

ATLANTA, GA

JLL Hotels & Hospitality Closes Hotel Portfolio Sale in Denver

Institutional investor acquires five TownePlace Suites hotels


​ATLANTA, Feb 4, 2015 -- On behalf of AB Real Estate Group and Sage Hospitality, JLL’s Hotel & Hospitality Group today announced the sale of a 584-room hotel portfolio in Denver. The TownePlace Suites Denver Portfolio is comprised of five properties spread throughout the city's metro area.  Sage Hospitality will continue to manage the portfolio for the new owner.
 
Managing Director Mark Fair and Senior Vice Presidents Mark Fraioli and Chris Dewey led the JLL team on the sale.
 
"The Portfolio checked all the right boxes for a sale in the current hotels market. For one, Denver is one of the strongest and fastest growing economic hubs in the country, drawing top quality professionals and employers from all over the nation." explained Fraioli.  “Moreover, these particular hotels are located near some of the most robust demand generators in the market, such as hospitals, corporate office parks, and the downtown core.”
 
“This sale was a demonstration of the power of extended stay business model,” added Dewey.  “By focusing on guests that stay three nights or longer, Sage Hospitality has been able to maximize the stability of hotel revenues and at the same time, drive superior profitability.”
 
The Portfolio is comprised of the TownePlace Suites Denver Downtown, the TownePlace Suites Denver West Federal Center, the TownePlace Suites Denver Southeast, the TownePlace Suites Denver Tech Center, and the TownePlace Suites Boulder Broomfield.  In 2013, the portfolio underwent a comprehensive renovation of guestrooms and public spaces.  As TownePlace Suites-branded properties, the five hotels are members of the Marriott franchise system.
 
About AB Real Estate Group
In September of 2009, AB formed the Real Estate Group in order to build out a preeminent private equity real estate platform by leveraging the firm's current resources and existing infrastructure.  AB (formerly known as AllianceBernstein) is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private clients in major world markets.
 
About Sage Hospitality
Founded in 1984, Sage Hospitality has grown into one of the largest privately held hospitality investment, management and development companies in the nation operating more than 65 premium branded and premier and lifestyle hotels. Today, Sage Hospitality manages hotels under the Marriott, Starwood, Hilton and Hyatt brands in addition to operating a growing number of independent, non-branded properties.  For more information on Sage Hospitality, please visit www.sagehospitality.com.
 
About JLL’s Hotels & Hospitality Group
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 more than 320 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 more than US $48 billion, while also completing approximately 4,500 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, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.
 
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 $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 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.