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SARASOTA, Fla. April 18, 2018 – JLL today announced that it has arranged the sale of The Ritz-Carlton, Sarasota on behalf of SLAB, LLC to Ashford Hospitality Prime, Inc., a real estate investment trust focused on investing in luxury hotels and resorts. Managing Director Gregory Rumpel and Senior Vice President Andrew Dickey led the JLL team on the sale. "The Ritz-Carlton, Sarasota is a well-established landmark in one of the most upscale markets in Florida. It's solid financial track record and commanding market position provide the new ownership with an irreplaceable resort in a segment that continues to grow along with the demographics of the West Coast of Florida," said Rumpel. The hotel includes 266 guestrooms including 31 suites, the 27,000-square-foot Ritz-Carlton Beach Club, the 15,000 square foot Ritz-Carlton Spa Club and the Tom Fazio-designed 18-hole Ritz-Carlton Golf Club. The Ritz-Carlton, Sarasota is recognized for its range of offerings including a historic Tiki Bar on the sand in front of the Beach Club to one of the best upscale waterfront restaurant's in Sarasota, Jack Dusty. "Investor demand for luxury, beachfront resorts is peaking due to limited-to-no new supply on the horizon throughout the Florida market. We expect that investor appetite for these types of assets will continue this year creating further compression and increasing yields," said Dickey. JLL's Hotels & Hospitality Group has completed more transactions than any other hotel 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 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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.
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