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Jones Lang LaSalle Hotels Named Asset Manager of the Spartanburg Marriott at Renaissance Park
Thursday, June 12, 2008
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Jones Lang LaSalle Hotels has been engaged by Bridgeview Capital Solutions to provide asset management and investment advisory services on behalf of the lender group that currently owns the 247-room Marriott at Renaissance Park located in downtown Spartanburg, South Carolina.
“This is a unique and impressive hotel in a dynamic and growing market. As the newest property in the Greenville-Spartanburg market with more than 27,000 square feet of modern and highly functional meeting space, our efforts will be focused on growing returns and value on behalf of the lender group,” said Bruce Stemerman, managing director of strategic advisory and asset management for Jones Lang LaSalle Hotels. “Working with the property management team, we will drive enhanced profitability through targeted revenue generation initiatives and effective cost management.”
The hotel is located near several corporate headquarters, two colleges, and is adjacent to the future site of the George Dean Johnson, Jr. College of Business and Economics at the University of South Carolina Upstate (opening in 2009). The region has experienced explosive growth in recent years due to major investments by BMW and Adidas and has new growth on the horizon with Coca-Cola.
“Nestled in the foothills of the Blue Ridge Mountains, the region attracts international corporations with its mild climate, wealth of available land, respected education institutions, an outstanding workforce, and convenient location halfway between Atlanta and Charlotte,” said Stemerman. “With a complete spectrum of full service amenities and focused asset management, the Spartanburg Marriott is well positioned to accelerate the growth it has experienced in recent years.”
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide both the depth and breadth of advice required by hotel investors and hotel companies, through a robust and integrated local network. In 2007, Jones Lang LaSalle Hotels provided sale and purchase advice on 259 hotel transactions globally; representing a combined value of US$13.9 billion, a total of 54,763 hotel rooms in 84 cities. In addition advisory and valuation services were provided on 660 assignments globally for 182,048 rooms across more than 300 cities.
The global team comprises 230 hotel specialists, operating from 27 offices in 16 countries. The firm’s advice is supported by a dedicated global research team, which produced over 45 publications in 2007 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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