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News release

New York

Airport Hotel Assets Flying High Among Investors

JLL closes $18 million sale of Clarion LaGuardia Airport


NEW YORK, Feb. 25, 2015 – Airplanes aren’t the only thing taking off at airports: so is investor appetite for hotels near these transportation hubs as revenue per available room (RevPAR) grew 10 percent in 2014, according to JLL. On behalf of GECMC 2007-C1 Ditmars Lodging, LLC, JLL’s Hotels & Hospitality experts today announced the sale of the Clarion LaGuardia Airport.  9400 Realty, LLC et al purchased the hotel for $18 million.

Senior Vice Presidents Mark von Dwingelo and Reid Berch led the JLL team on the transaction.
“Hotels located near airports are a growing target for investors, as we’re seeing the location convenience factor really drive demand,” said von Dwingelo. “New York continues to be a major destination hub and this will continue to positively impact the hotel’s fundamentals.”

The three-story 169-key hotel opened in June of 1968.  Providing 9400 Realty, LLC et al with the opportunity to acquire a well-constructed hotel in close proximity to LaGuardia Airport, the asset is poised to benefit from capital investments and a strategic repositioning to significantly improve revenue per available room (RevPAR) penetration within its competitive set. 

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.

-Ends-

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.