Jones Lang LaSalle Hotels' Select Service Division Announces Sale of Radisson Moline
OCTOBER 27, 2008. On behalf of Ryan Moline, LLC, Jones Lang LaSalle Hotels' select service division is pleased to announce the sale of the Radisson Moline to Moline Hotel, L.L.C. Centrally located in the Midwest, the 162 guestroom hotel includes 56 suites, an indoor swimming pool, business center, fitness center and 2,030 square feet of meeting space.
One of the Quad Cities, Moline has benefited from the recent revitalization of the central business district thanks to the development of the John Deere Commons. John Deere & Company's headquarters are proximate to the hotel and provide a high demand for accommodations. Also a center for entertainment, Moline boasts the "i wireless" Arena, attracting touring musical acts as well as hosting the Quad City hockey and arena football teams. Additionally, the area is home to three major riverboat casinos, including the Isle of Capri Casino Bettendorf, one of the largest in the world.
"The acquisition of this hotel provided the buyer an opportunity to own a national award-winning Radisson property and one of the premier lodging assets in the Quad Cities," said Adam McGaughy, an executive vice president for Jones Lang LaSalle Hotels. "Despite the challenges in the current capital markets, the hotel and market's operating performance held up and the buyer and seller were able to successfully close the transaction."
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