MIAMI, APRIL 20, 2010, –Jones Lang LaSalle Hotels’ select service division is pleased to announce the completion of the sale of the Hampton Inn & Suites Miami-West in Miami, FL on behalf of GFII DVI Cardel Doral, LLC. The property was acquired by Apple Real Estate Investment Trust for an undisclosed sum.
Jones Lang LaSalle Hotels’ Managing Director Mark Fair and Vice President Chris Dewey led the marketing of the asset.
“This offering generated an unusually high level of investment interest given there are few opportunities to acquire assets like this Hampton Inn & Suites that are well positioned, with a high quality brand in a gateway city like Miami,” said Mark Fair, Managing Director of Jones Lang LaSalle Hotels. “This transaction is a strong signal that investor confidence has shifted from the lull we had experienced throughout 2009.”
The 121-room hotel is well located with excellent access and visibility from the heavily travelled Florida Turnpike and less than seven miles from the Miami International Airport. While new hotel construction in the area has been limited, there is more than 1 million square feet of office space is planned nearby in a new development known as Downtown Doral and an additional 381,500 square feet of office space is currently under construction to drive additional traveller interest to this airport submarket. The property features an outdoor swimming pool and whirlpool, fitness room, business center, and 570 square feet of meeting space.
“This transaction allowed Apple to make a well-timed purchase and place capital into an investment in a recovering market” according to Chris Dewey, Vice President with Jones Lang LaSalle Hotels. “The Miami Airport market seems to have bottomed in terms of RevPAR (revenue per available room rate) in December 2009.”
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2009, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on over $1.6 billion worth of transactions globally. In addition, advisory and valuation services were provided on nearly 800 assignments. The global team comprises over 200 hotel specialists, operating from 36 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 80 publications in 2009 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com.