Jones Lang LaSalle Arranges Sale of the Watson Courtyard Portfolio
JUNE 1, 2007. Jones Lang LaSalle Hotels Select Service Division announced today that they advised Watson Hospitality, based in Charlotte, NC, on the sale of the Courtyard by Marriott Portfolio to DLJ Real Estate Capital Partners, a real estate private equity investment affiliate of Credit Suisse. The 425-guestroom portfolio is comprised of three hotels located in Charlotte, NC, Princeton, NJ and Lynchburg, VA.
The hotels' excellent locations, strong brand affiliation, and value enhancement opportunities were among the many investment highlights. Each property was developed by Watson Hospitality in accordance with Marriott's strict development specifications. Since opening, they have been exceptionally well maintained, and recently completed renovations offer the new ownership an opportunity to grow revenues and increase investment returns.
"The transaction was very successful for our client and the buyer," said Ros Mallory, vice president, Jones Lang LaSalle Hotels. "Our client received great value for the assets, and given the strategic locations of the hotels and the current market conditions, there remains significant long term value for Credit Suisse." The current demand for high-quality select service assets created a very competitive marketing process.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
