JER Partners Announces Sale of Hilton Ontario Airport Hotel in Ontario, California
MCLEAN, VA, November 30, 2005. JER Partners announced today that it has sold the Hilton Ontario Airport Hotel, a 309-room, full-service hotel in Ontario, California, for $41.5 million. During its 18-months of ownership, JER implemented a $4.7 million renovation program to refresh the hotel's lobby, common areas and guest rooms. The Hilton Ontario is located approximately 35 miles east of the city of Los Angeles, in the growing Inland Empire. It consists of one ten-story tower and an adjacent two-story wing and has approximately 16,000 square feet of meeting space.
The hotel was purchased by RLJ Urban Lodging Fund, LP ("RLJ Fund"), an affiliate of RLJ Development, LLC ("RLJ") of Bethesda, MD. Since the RLJ Fund was launched in October 2004, it has closed on seventeen assets with a total acquisition value of approximately $577 million including planned capital expenditures. The RLJ Fund has ten institutional investors including several major public and corporate pension funds, financial institutions and two dominant hospitality entities.
RLJ is a privately held real estate investment company founded and led by Chairman and CEO Robert L. Johnson and President, Thomas J. Baltimore, Jr. The company currently owns eleven assets, primarily Hilton and Marriott branded properties in major markets in North America. RLJ is one of the largest African-American wholly-owned real estate investment companies in the U.S. www.rljhotels.com
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 24 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe. Most of JER's investments are in office, retail, multi-family and industrial properties. Other areas of investment include commercial mortgage-backed securities ("CMBS"), hospitality, healthcare related real estate and mezzanine financing. For more information on JER, please visit www.jer.com.
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 
