Jones Lang LaSalle’s Hotels & Hospitality Group today announced the arrangement of the $24-million-sale of the SpringHill Suites by Marriott Portland Hillsboro hotel on behalf of an entity consisting of affiliates of CPA®:17 – Global, a publicly held non-traded REIT affiliate of W. P. Carey Inc., Watermark Capital Partners, LLC, and Montclair Hotel Investors, Inc. The purchaser was RLJ Lodging Trust. The economic growth of the Portland area, and specifically Hillsboro’s robust technology industry, continues to increase lodging demand in the market. The four-story, 106-suite hotel garnered a price of $226,000 per key. The property is located at 7351 NE Butler Street, just 12 miles west of downtown Portland.
Managing Director Al Calhoun, Senior Vice President Mark Fraioli and Vice President Melvin Chu led the Jones Lang LaSalle team on this transaction.
“The SpringHill Suites benefits from an enviable position as the only hotel within a mile of Intel’s 7,500-employee Ronler Acres Campus,” said Fraioli. “The hotel is in excellent condition, and is just one of three upscale hotel properties in Hillsboro. The strength of the asset, its top-tier brand and prime location near major employers, restaurants and retail made this offering very compelling for a number of investors, with RLJ ultimately proving the best fit.”
“With continued high-tech growth in the region, limited competition and strong in-place cash flow, RLJ is well positioned to capitalize on the market’s continued economic growth and expanding corporate and leisure demand,” added Calhoun.
Built in 2004, the SpringHill Suites completed its $1.5 million capital improvement program in 2011. The all-suites hotel features a 24-hour fitness center, business center, indoor swimming pool and whirlpool, guest laundry facility and complementary shuttle service to Ronler Acres.
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 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 hospitality real estate advisor in the world totaling nearly $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.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
About RLJ Lodging Trust
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. RLJ Lodging Trust owns 151 properties, comprised of 149 hotels with more than 22,400 rooms and two planned hotel conversions, located in 23 states and the District of Columbia.