Jones Lang LaSalle Arranges Sale of Value Place Myrtle Beach
Deesha Hotels acquires a property at a fraction of replacement cost.
October 1, 2010 - Jones Lang LaSalle Hotels announced that it has arranged the sale of the 120-room Value Place in Myrtle Beach, South Carolina to Deesha Hotels for an undisclosed sum. Jones Lang LaSalle Hotels was retained by a court-appointed receiver as the exclusive and sole agent in the disposition of the property.
“Deesha Hotels capitalized on the opportunity to acquire an extended stay property with significant upside potential at a price below it original construction cost,” said Ros Mallory, a senior vice president for Jones Lang LaSalle Hotels.
“We were able to assist the receiver in selling the asset without having to go through foreclosure which achieved the goals of our client and allowed the buyer to meet their investment objectives,” said Mark von Dwingelo, a senior vice president for Jones Lang LaSalle Hotels.
The hotel is well-located directly off Highway 501, approximately seven miles from the Myrtle Beach International Airport and is proximate to many lifestyle amenities including high quality shopping, entertainment and restaurants including Myrtle Beach downtown, Freestyle Music Park, Broadway at the Beach and golf courses.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2009, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on over $1.6 billion worth of transactions globally. In addition, advisory and valuation services were provided on nearly 800 assignments. The global team comprises over 200 hotel specialists, operating from 36 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 80 publications in 2009 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com
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