SAN DIEGO, CA – Jones Lang LaSalle (JLL)today announced the firm’s Hotels & Hospitality Group secured $50 million in debt financing for the 176-key Courtyard San Diego Old Town and 123-key Fairfield Inn & Suites San Diego Old Town on behalf of a joint venture partnership between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. Both hotels are Marriott brands and will retain their flag. A domestic bank provided the floating-rate loan with a three-year initial term and two optional 12-month extensions.
“Both the Courtyard and Fairfield Inn & Suites San Diego Old Town benefit from excellent locations, are backed by superior sponsorship and have performed exceptionally well under this ownership venture. Lenders were eager to pursue the opportunity,” said McGlamery. “San Diego ranks in the top 10 United States hotel markets in terms of RevPAR performance and is projected to continue its strong performance well into 2014.”
Both hotels are located in San Diego’s historic Old Town district, one of the market’s most popular areas. Visitors are in close proximity to attractions such as Old Town State Historic Park, San Diego Zoo and Mission Beach. The properties also are within four miles of San Diego International Airport.
The 176-key Courtyard San Diego Old Town is located at 2435 Jefferson Street, and features 3,500 square feet of indoor meeting space, 1,500 square feet of outdoor function space, a three-meal restaurant and an outdoor swimming pool and whirlpool.
The 123-key Fairfield Inn & Suites San Diego Old Town is located at 3900 Old Town Avenue and features 1,260 square feet of indoor meeting space, 1,400 square feet of outdoor function space, a 24-hour fitness center and an outdoor swimming pool.
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, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
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 $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
Contact: Katie Sershon