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News release

MIAMI, FL

Iconic Hotel Lures Investors to Miami’s South Beach

JLL closes $278 million sale of The James Royal Palm


MIAMI, March 17, 2015 – Proof that investors are clamoring to acquire beachfront assets in Miami’s renowned lodging market can be seen in the city’s latest trade, The James Royal Palm. On behalf of KSL Capital Partners, JLL’s Hotel & Hospitality experts announced the sale of the hotel to Chesapeake Lodging Trust for $278 million.

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

“South Beach is an extremely high barrier-to-entry market, so the opportunity to acquire a recently-renovated hotel drew fierce competition among investors,” said Rumpel. 

The 393-key hotel is located at the corner of 15th Street and Collins Avenue and offers beachfront access for guests. The asset features 5,681 square feet of indoor meeting space, more than 16,000 square feet of flexible indoor and outdoor event space, five food and beverage outlets, a spa, a fitness center and two swimming pools.

The sale marks $2.3 billion or 7,190 guestrooms in Miami and South Florida hotel transactions closed by JLL during the past 36 months.

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.