On behalf of the seller, Host Hotels & Resorts, Inc., Jones Lang LaSalle’s Hotels & Hospitality Group today announced the firm has arranged the sale of the largest hotel in Atlanta, the 1,663-room Atlanta Marriott Marquis. The hotel is one of the nation’s premier convention hotels catering to thousands of travelers annually. The buyer and purchase price are undisclosed.
Atlanta based Managing Director Robert Webster and Senior Vice President Tim Southard led the Jones Lang LaSalle team on this transaction.
“The Atlanta hotel market, which benefits from a large convention center, is rebounding steadily as group and transient travel continues to improve. The market, which consistently ranks among the top five convention markets in the United States, generated an impressive RevPAR increase of 6.0 percent through 11 months ending November 2012,” said Webster. “We’re finally seeing core secondary markets making their way onto investor’s radars, as demonstrated by this transaction and six other Atlanta hotel sales and financings that our team worked on in the last 12 months. While outside of the typical primary core market investment standards, Atlanta will continue to attract investor interest at a greater pace during the next several years as hotel investors continue to gravitate toward higher yields that the core secondary markets deliver.”
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory and valuation assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.