Sale of dual-branded extended stay and select service hotel in Albany, NY closes
JLL’s Hotels & Hospitality Group closed the sale of the dual-branded Homewood Suites & Tru by Hilton Albany Crossgates Mall
NEW YORK, July 14, 2022 – JLL’s Hotels & Hospitality Group announced today that it has closed the sale of the dual-brand Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-key, extended stay and select service hotel in Albany, New York.
JLL marketed the property on behalf of the seller, Pyramid Management Group, in the sale to Maine Course Hospitality Group.
The Homewood Suites, an upscale extended stay brand, features 96 suites with fully equipped kitchens and the Tru, a select-service brand, features 96 traditional guest rooms. The hotel offers dual-branded integration with one check-in desk, complimentary hot breakfast, free WiFi and 24/7 fitness and business centers.
The hotel is conveniently located across from the Crossgates Mall at the intersection of Interstates 87 and 90 offering guests access to numerous dining, retail and entertainment options within walking distance. The dual-brand Homewood Suites & Tru by Hilton Albany Crossgates Mall is a six-minute drive from Albany International Airport and a 30-minute drive from Saratoga Springs leisure attractions. In addition, the property is proximate to renowned universities and research centers such as the University of Albany, Rensselaer Polytechnic Institute (RPI), Siena College, Union College, and SUNY Polytechnic College of Nanoscale Science and Engineering.
The JLL Hotels & Hospitality team working on behalf of the seller was led by Managing Director Alan Suzuki and Director Matthew Enright.
“This transaction highlights continued investor interest in newly constructed extended-stay and select-service hotels in strong markets with diverse demand generators,” said Suzuki.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Pyramid Management Group
Pyramid Management Group is one of the largest, most innovative, privately held real estate developers in the northeast. Headquartered in Syracuse, New York, Pyramid's portfolio of dynamic shopping, dining and entertainment destinations and expanding hospitality and residential presence dominate the northeast with 14 properties located throughout New York and Massachusetts. For over 50 years, Pyramid has built its reputation on being first, fast, ahead of the curve and always what’s next, leading the industry in combining the best elements of traditional retail with world-class dining and entertainment, all under one roof. For more information, visit www.pyramidmg.com.
About Maine Course Hospitality Group
Maine Course Hospitality Group (MCHG) is an award-winning Hotel company based in Freeport, Maine. MCHG and has been exceeding expectations of associates, guests and investors for over 35 years. Maine Course Hospitality has 24 diversified properties of Hilton, Marriott as well as boutique independents. Their portfolio represents over 2,200 rooms throughout New England and Florida. Their Purpose is to positively impact lives. This is achieved by their focus on people first and their commitment to make a difference with all they come in contact with. For further information, visit www.mchg.com