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News release

PORTLAND, OR

JLL Hotels & Hospitality Closes Hotel Portfolio Sale in Portland

Strong fundamentals fuel sale of three upscale Marriott-branded select-service hotels


PORTLAND, Sept. 22, 2015 – On behalf of Prima Hotels, Inc., JLL’s Hotel & Hospitality Group today announced the sale of a 328-room hotel portfolio in Portland, Oregon. The portfolio is comprised of three properties located seven miles north of downtown Portland, providing easy access to extensive office and light industrial businesses as well as Portland International Airport.
 
Senior Vice President Mark Fraioli and Vice President Melvin Chu led the JLL team on the sale.
 
"The acquisition of the Portfolio was an attractive opportunity for the buyer to secure three Marriott-branded hotels in one of the strongest lodging markets in the western U.S." explained Fraioli.  “Moreover, these particular hotels offer strong going-in yield for the buyer and significant upside potential through renovation and enhanced sales and marketing strategies.”
 
“This sale was a demonstration of the continued interest in upscale select-service hotels and confidence in Portland’s long-term economic growth,” added Chu.
 
The portfolio includes the 133-room Courtyard Portland North Harbour, the 102-room Residence Inn Portland North Harbour, and the 93-room Fairfield Inn & Suites Portland North Harbour.  The three hotels are members of the Marriott franchise system.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor in the world, totaling US$51 billion over the last five years. Between negotiating deals, the group’s 340-strong global team also executed 4,600 advisory, valuation and asset management assignments. The firm is recognized as the global leader in real estate services across hospitality properties from luxury, upscale, select service and budget hotels to timeshare and fractional ownership properties, convention centers and mixed-use developments. Investors and owner/operators worldwide turn to JLL to shape their investment strategies and maximize the value of their assets and JLL’s expert advice is 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. A Fortune 500 company 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 $56.0 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.