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JLL today announced the company arranged the $55 million sale of the Royalton Hotel in New York on behalf of FelCor Lodging Trust. JLL also secured $36.4 million in acquisition financing on behalf of the buyers, Highgate and Rockpoint Group, through Deutsche Bank.
International Director Jeffrey Davis, Managing Director Gilda Perez-Alvarado and Vice President Michael Reiss led the JLL team on the sale, and Managing Director Kevin Davis and Senior Vice President Matt Nowaczyk led the financing efforts.
The Royalton Hotel is an iconic, full-service boutique hotel located in the heart of Midtown Manhattan at 44 W 44th Street, between Fifth and Sixth Avenues. Situated near Times Square, Grand Central Station and Rockefeller Center, the hotel sits in close proximity to the city's biggest leisure attractions as well as one of the densest corporate office corridors in the world. The property includes 168 guestrooms, a full-service restaurant and bar, and an array of additional amenities, including a fitness center and business center.
JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years globally, totaling more than $77.5 billion worldwide. Between negotiating property deals, the group's 350-person global team also closed more than 5,300 advisory, valuation and asset management assignments. To find out more visit: www.jll.com/hospitality
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset 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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