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On behalf of Jorgenson Companies, Jones Lang LaSalle Hotels’ select service division is pleased to announce the sale of the Ashford Suites Hotel in Greensboro, NC to BPR Properties.
The 81-room property is strategically located in the heart of the Piedmont Triad Region at the entrance to the 1,100-acre Piedmont Centre Office and Industrial Park, just three miles from the Piedmont Triad International Airport. The asset features 2,400 s.f. of meeting space, a fitness center and indoor swimming pool, and benefits from recent capital improvements.
“The acquisition of this hotel provided the buyer the opportunity to acquire a well-maintained, cash-flowing property with in-place assumable debt,” said Ros Mallory, senior vice president for Jones Lang LaSalle Hotels. “Ashford Suites is in outstanding physical condition and well-positioned to compete with the branded select service hotels in the local market.”
"Jones Lang LaSalle Hotels worked very hard to market this performing hotel in a very challenging market, and they were able to identify a buyer that recognized the value of the asset," said John M. Jorgenson of Jorgenson Companies, LLC.
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 2008, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on over $3.7 billion worth of transactions globally relating to more than 120 assets. In addition, advisory and valuation services were provided on more than 600 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 87 publications in 2008 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. Their 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.
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