Jones Lang LaSalle Incorporated : Two-hotel portfolio in high-growth Pacific Northwest trades to new owner
PORTLAND, ORE., Oct. 14, 2021 –JLL Motels & Hospitality Group introduced in the present day that it has accomplished the sale of a portfolio of two inns in Portland, OR and Vancouver, WA.
JLL represented the vendor Rockbridge to finish the sale to the confidential purchaser. The inns are each unencumbered by administration.
The portfolio contains 209 keys and consists of the Homewood Suites Vancouver-Portland in Vancouver, Washington (104 keys) and the Homewood Suites Portland Airport in Portland, Oregon (105 keys).
The inns have been properly maintained by earlier house owners since 2016 and have made capital enhancements of $ 12.4 million, or a median of $ 59,000 per key, since 2016. After the preliminary closure of COVID-19, the portfolio skilled resulting from its Distinctive Location and Superior Product.
As well as, the inns have a powerful place within the main Pacific Northwest markets, with Portland being the third largest metropolis within the US. one of many largest industrial facilities within the area and downtown Vancouver. The Homewood Suites Portland Airport advantages from its proximity to Portland Worldwide Airport. As well as, the airport sub-market is dwelling to 51 million sq. toes of workplace and industrial area, which is in excessive demand for enterprise and long-term stays.
The JLL Motels & Hospitality group representing the vendor was led by Govt Vice President Melvin Chu, an Oregon and Washington licensee, and Senior Managing Director John Strauss.
“The prolonged keep portfolio met with nice curiosity from varied teams of patrons,” mentioned Strauss. “It’s uncommon to get an opportunity to purchase an unencumbered administration portfolio with wonderful trailing money movement.”
Chu continues, “Portland stays one of the crucial sought-after resort markets within the nation. We proceed to see robust immigration and employment developments in Portland that ought to result in a fast restoration.”
JLL’s Motels & Hospitality Group has closed extra transactions up to now 5 years than another resort and hospitality actual property guide, valued at $ 83 billion worldwide. The group’s 350-strong international group in over 20 nations has additionally accomplished greater than 7,350 advisory, valuation and asset administration assignments. Our resort appraisal, brokerage, asset administration and advisory companies have helped extra resort traders, house owners and operators obtain excessive returns on their property than another actual property advisor on the earth.
For extra JLL information, movies, and analysis sources, please go to our newsroom.
[ad_2]
