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Apr. 13, 2018 – JLL's
Capital Markets experts today announced the company secured acquisition financing for the brand conversion of the Holiday Inn Express & Suites Denver Tech Center, a 92-key hotel located in Denver, Colorado. Under new sponsorship, the hotel will be converted to IHG's newest brand, the EVEN Hotel. The loan was secured on behalf of the new owner, Banyan Lane Holdings, LLC. The 3-year, interest-only, non-recourse loan from a bridge lender will allow the sponsor to complete the necessary renovations, implement new management standards and stabilize the hotel under the new brand.
Managing Director Baxter Fain and Christina Grimme led the JLL team on the financing.
"With continued liquidity in the debt markets, we are pleased to see that lending fundamentals remain strong in Denver this year," said Christina Grimme. "The quality of this asset and strong business plan were key to getting this transaction done."
Located just off of I-25, the property is situated between Colorado's largest office parks including the Denver Tech Center, Meridian International Business Center, and Inverness Business Center. The hotel will feature modern guest rooms designed with flexible workplaces and revitilizing bed & bath amenities designed to appeal to the healthier traveler at a mainstream price point. The hotel will be IHG's seventh location of the EVEN brand, with ten additional markets targeted for expansion this year. Existing EVEN Hotels have the highest Guest Satisfaction across all IHG hotel brands.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, JLL Capital Markets completed $170 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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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 third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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 ir.jll.com.
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