JLL closes sale of courtyard by Marriott hotel portfolio
The buyer is entering the hotel market with this 5-property acquisition
DALLAS, August 15, 2019 – JLL announced today that the sale of a hotel portfolio consisting of five Courtyard by Marriott hotels totaling 731 rooms in San Antonio, Baltimore and Washington, D.C. markets has closed.
JLL marketed the property on behalf of the seller, Colony Capital, Inc. A partnership between Flynn Properties Inc. and EMA Lodging Group, Inc. purchased the assets. Flynn Properties Inc. is entering the select-service hotel market with this five-property acquisition.
The hotels, which have been institutionally owned and Marriott-operated over the last decade, are well positioned in established markets with exceptional access to a wide mix of demand generators. The portfolio comprises two properties in San Antonio, Courtyard San Antonio Airport and Courtyard San Antonio Medical Center, and two suburban Washington, D.C. locations, Courtyard New Carrollton Landover in Landover, Maryland, and Courtyard Fairfax Fair Oaks in Fairfax, Virginia. The portfolio has one Baltimore-area property, Courtyard Baltimore Hunt Valley in Hunt Valley, Maryland.
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 investment advisory, debt placement, equity placement or a recapitalization. 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 Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 Colony Capital, Inc.
Colony Capital, Inc. (NYSE: CLNY) is a leading global investment management firm with assets under management of $55 billion, which includes approximately $14 billion of assets under management from Digital Bridge, a leading global investment manager of digital infrastructure assets including cell towers, small cells, fiber and data centers. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, and traded and non-traded real estate investment trusts. The Company has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe Corp. (NYSE: NRE), which are both externally managed by subsidiaries of the Company; and (c) various other equity and debt investments. The Company is headquartered in Los Angeles with key offices in Boca Raton, New York, Paris and London and has over 450 employees across 21 locations in 13 countries as a result of the business combination with Digital Bridge. For additional information regarding the Company and its management and business, please refer to www.clny.com.
About Flynn Properties
Flynn Properties Inc. is part of San Francisco-based Flynn Holdings. The firm has substantial experience in the acquisition, management and financing of commercial properties with a focus on hotel and office investments. Flynn Properties has owned in excess of three million square feet of commercial real estate. It also owns, in partnership, the luxury resorts Esperanza (located in Los Cabos, Mexico), the Carneros Resort and Spa and Solage (both resorts located in the Napa Valley of California), and the Hotel Madeline (in Telluride). The firm also operates Flynn Restaurant Group. With over 1,245 restaurants and $2.3 billion in annual sales, Flynn Restaurant Group is the largest restaurant franchisee, and one of the 20 largest foodservice companies of any kind in the United States. The company directly employs over 48,000 people in 33 states across the US. For more information about Flynn Holdings, please visit www.flynnholdings.com.
About EMA Lodging Group, LLC
EMA Lodging Group invests as an owner primarily in value-add hotel opportunities and provides a full suite of lodging real estate advisory services. The Dallas-based firm was founded by hospitality veterans Mike DeNicola, Erik Nylen and Andy Welch, offering an average experience of 35 years in the space. Visit www.emalodginggroup.com to learn more.