JLL closes sale of all-suite hotel in Southern California
The SpringHill Suites is in the Inland Empire’s growing market
SAN DIEGO, July 24, 2019 – JLL announces that it has closed the sale of SpringHill Suites by Marriott Corona Riverside, a 130-suite, select-service hotel in the Southern California community of Corona, California.
JLL marketed the property on behalf of an institutional seller. Titanium Elite Inc. purchased the asset, and Newport Beach-based Twenty Four Seven Hotels will manage the hotel.
Originally completed in 2009, SpringHill Suites by Marriott Corona Riverside was renovated in 2017 and features two meeting rooms totaling 809 square feet, complimentary breakfast buffet, an outdoor swimming pool with spa, a fitness center, business center and 24-hour sundry shop. The four-story hotel is situated on 2.59 acres at 2025 Compton Avenue in Corona, which is less than 50 miles east of downtown Los Angeles and about 26 miles from the heart of Orange County. The hotel is within the Inland Empire, one of the fastest-growing areas in California, and is positioned off the highly trafficked Interstate 15 with direct access to an array of corporate headquarters, colleges and universities, hospitals, retail and sports and entertainment centers.
The JLL Capital Markets team representing the seller was led by senior managing director Scott Hall and associates Aaron Lapping and Blake Malecha.
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. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License No. 01223413.
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.
About Twenty Four Seven Hotels
An entrepreneurial and spirited hospitality management company, Twenty Four Seven Hotels delivers highly specialized services in hotel operations, investment and development. After a decade of focusing on upscale select-service hotels, Twenty Four Seven Hotels has firmly established itself in the growing lifestyle hotel market segment with the opening of the first MOXY hotel in the United States. Concentrated in the Western U.S., Twenty Four Seven Hotels continues to invest in high caliber hospitality talent to support its growing hotel management portfolio of global hospitality brands including Marriott, Hilton, Hyatt, IHG and Cambria Hotels. For more information on Twenty Four Seven Hotels, visit www.247hotels.com.
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