JLL arranges sale of Citizen Hotel
JLL advised on the sale of Citizen Hotel, which is located in the heart of Sacramento's urban renaissance
SACRAMENTO, Calif., July 25, 2019 – JLL Hotels & Hospitality announces that the firm advised on the sale of the 196-key Citizen Hotel, located in Sacramento, California. Cambridge Landmark purchased the iconic property.
Executive Vice President Mark Fraioli and Senior Vice President Melvin Chu led the JLL team on the transaction.
“The Citizen Hotel is a historic, landmark asset in the midst of downtown Sacramento’s unprecedented urban renaissance,” said Fraioli. “With an industry-leading Marriott Autograph affiliation and city center location, the hotel is ideally positioned for business transient, convention and leisure business. All of these factors made the property a highly attractive investment for Cambridge Landmark.”
Added Chu, “Downtown Sacramento is in the midst of a transformation, due to major commercial developments, including the mixed-use Golden 1 Arena, which is a catalyst for the downtown area’s significant growth.”
The Citizen Hotel is located in downtown Sacramento, near the Golden 1 Arena and DoCo retail complex, the Sacramento Convention Center and government and commercial office space. The asset features nearly 10,000 square-feet of meeting space, a full-service restaurant and fitness center.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $63.2 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 5,420 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.