NEW YORK—Jones Lang LaSalle Hotels sold of a series of non-performing mortgage loans secured by a portfolio of 64 Red Roof Inn Hotels to Five Mile Capital. Leading the Jones Lang LaSalle Hotels team on this transaction were CEO Arthur Adler, managing directors Al Calhoun and Mark Fair, and VP Katy Reynolds.
“This transaction attracted significant investor interest given the properties’ strong track record and the well-recognized brand affiliation. Five Mile Capital’s investment provided them with a unique opportunity to gain access to a large footprint of strategically located lodging assets with tremendous upside potential,” said Adler. “The stabilization of the portfolio, coupled with the anticipation of continued economic recovery, is expected to bring the portfolio back to peak profit margins over the next several quarters.”
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“Red Roof Inn is one of the most recognized limited service brands. The subject portfolio encompasses 64 hotels throughout 24 states in the continental United States, primarily concentrated in the Southeast and Midwest,” said Calhoun. “Approximately half of the portfolio has been renovated within the last five years.”
Contact:
Kristina Paider Katie Sershon
Phone: +1 312 498 5807 +1 312 228 3127
Email: Kristina.Paider@am.jll.com
Katie.Sershon@am.jll.com