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JLL today announced that the firm arranged the sale of the Hamilton Crowne Plaza in Washington, D.C. on behalf of Barings Real Estate Advisers for an institutional investor.
Managing Director Robert Webster, Executive Vice President Tim Southard and Senior Vice President John Harper led the JLL team on the transaction.
"The Hamilton Crowne Plaza is an institutional-quality asset that has been exceptionally maintained by ownership," said Webster. "With its prime location in the heart of Washington, D.C., this asset checked all the boxes for the hotel investment community."
Jim O'Shaughnessy, Managing Director at Barings Real Estate Advisers commented that, "the Hotel Group at Barings Real Estate Advisers worked closely with JLL to achieve an outstanding result on this transaction for our client and long term owner of the hotel."
The Hamilton Crowne Plaza features 318 guestrooms, two food and beverage outlets, 7,700 square feet of meeting space with access to another 18,000 square feet in an adjacent building and a fitness center. The hotel is located in the heart of Washington, D.C., just six blocks from both the White House and the Walter E. Washington Convention Center and 10 minutes from Ronald Reagan airport.
Barings Real Estate Advisers is part of Barings LLC, one of the world's largest diversified real estate investment managers. The group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.
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.
Barings is a $288 billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 16 countries. Learn more, at www.barings.com.
*As at June 30, 2017.
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