On behalf of The JBG Companies, Jones Lang LaSalle Hotels today announced the firm has secured a $46 million floating rate, non-recourse senior mortgage loan for the Hilton Rockville Hotel & Executive Center. The new loan will retire the existing debt on the property. The 315-room, eight-story hotel is located at 1750 Rockville Pike, Rockville, Maryland.
Jones Lang LaSalle Hotels Senior Vice President Bill Grice and Executive Vice President Mathew Comfort, along with Capital Markets Managing Director Wes Boatwright and Senior Vice President Mike Yavinsky led the team on this transaction.
“With their Maryland headquarters, The JBG Companies’ has a well-established presence throughout the Mid Atlantic, making JBG an ideal sponsor. The new loan will further The JBG Companies ability to maintain investment fund liquidity and explore more accretive opportunities that will maximize long-term investor value,” said Grice. “The Hilton Rockville Hotel’s top tier brand affiliation coupled with the markets’ limited supply pipeline and stable lodging market fundamentals, positions the hotel to maintain its leading market position and achieve RevPAR growth.”
The hotel, which is located just 12 miles outside of Washington D.C., is ideally situated in front of the Twinbrook Metro Station. The property features 20,000 square feet of IACC certified meeting space, a fitness center, swimming pool, the Twinbrook Grille and Riff’s lounge.
Jones Lang LaSalle Hotels Investment Banking team is a nationwide platform with an extensive track record of financing hotels, raising equity and selling notes secured by lodging assets. Over the past seven years, we have closed over $8 billion in financings with more than $1 billion in 2011 alone.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels is a global real estate services firm focused exclusively on hotels & hospitality. We provide acquisition and financing advice, valuations, investment sales and asset management for luxury hotels, select service and budget hotels, smaller hotels and pubs, from single assets to large portfolios and mixed-use developments.
In the last five years we completed nearly 4,000 advisory and valuation assignments and more sale, purchase and financing transactions than any other hotels real estate firm in the world…worth over $30 billion. With 42 offices in 20 countries, no other firm is better connected. Through our depth and breadth of research and experience we know the market at every level, we know the players and we know how to get results. www.joneslanglasallehotels.com.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington Metropolitan Area. Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact. www.JBG.com.