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On behalf of Interstate Hotels & Resorts, Jones Lang LaSalle Hotels’ select service division is pleased to announce the sale of the Hilton Garden Inn Baton Rouge Airport to an opportunity fund managed by Fairwood Capital, LLC, for $10.6 million. Interstate Hotels & Resorts will continue to manage the property.
The property features 131 spacious guest rooms including 25 suites, a restaurant and lobby bar, a heated outdoor swimming pool and 1,500 square feet of meeting space. The hotel opened in 2004 and has benefited from subsequent capital improvements.
The property is situated off of Interstate 110, adjacent to the entrance of the Baton Rouge Metropolitan Airport in the Howell Place mixed-use commercial development, and is in close proximity to demand sources such as ExxonMobil, Southern University and downtown Baton Rouge.
“The acquisition of this hotel provided the buyer the opportunity to acquire a recently built high-quality asset in an economically sound and expanding market,” said Mark Fair, a managing director for Jones Lang LaSalle Hotels. “Baton Rouge has been resilient to the economic conditions experienced by the rest of the country. The market’s concentration of state government, major universities and emphasis on oil and gas refinery/distribution, has proven to be the right combination for the local hospitality industry.”
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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