Jones Lang LaSalle Arranges Sale of Hilton Sacramento Arden West
JUNE 19, 2007. On behalf of its client, CapStar Sacramento Company, L.L.C., an affiliate of Blackstone Real Estate Advisors, Jones Lang LaSalle Hotels is pleased to announce the sale of the Hilton Sacramento Arden West to Columbia Sussex Corporation. The 331 guestroom hotel is situated proximate to downtown Sacramento where the California State Capitol is located.
The Hilton Sacramento Arden West is a prominent 12-story tower with more than 18,000 square feet of flexible meeting space within 20 meeting rooms, including the 5,700-square-foot Grand Ballroom. The large guestrooms underwent more than $7 million in renovations during 2004 and 2005.
Sacramento has a strong economy based in the public sector, which is expanding at a healthy pace. As the headquarters for the state government, Sacramento is regarded as the center of decision making and is also home to the California State University, Sacramento and the University of California, Davis. The Hilton Sacramento is also located adjacent to large demand generators including the Cal Expo Fairgrounds and the Arden Fair Mall, as well as being within minutes of Interstate 80. "The Hilton Sacramento at Arden West benefits from its proximity to downtown Sacramento. The area sustains year-round tourism and features a newly expanded 134,000-square-foot convention center within walking distance of more than 200 shops and restaurants, the Downtown Plaza Mall, Old Sacramento, Arco Arena and waterfront," said Romy Bhojwani, senior vice president, Jones Lang LaSalle Hotels. "The recent growth of nearby businesses such as Intel and Hewlett-Packard, as well as the city's proximity to the majority of Northern California's population centers, has furnished Sacramento with a resilient hotel market."
"The Hilton Sacramento at Arden West represented a unique opportunity for Columbia Sussex Corporation to purchase the fee simple interest in this full-service hotel located in the growing hotel market of Sacramento," said John Strauss, executive vice president, Jones Lang LaSalle Hotels. "The asset offered significant value enhancement potential through strategic capital infusion which was attractive to the buyer."
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