Jones Lang LaSalle Hotels Arranges Sale of Sheraton Keauhou Bay Resort
Kailua-Kona, HI - April 7, 2011 - Jones Lang LaSalle Hotels announced today that it has arranged the sale of the leasehold interest in the Sheraton Keauhou Bay Resort and Spa to KONA SURF PARTNERS LLC on behalf of the hotel's special servicer, TriMont Real Estate Advisors for $26.2 million.
Located on the exclusive Kailua-Kona Coast of the Big Island of Hawaii, the Sheraton Keauhou, which means “new beginning,” underwent a $55 million renovation in 2005. Shortly thereafter, there was a default on debt secured by the property and was officially foreclosed upon in early 2010. The 521-room resort has approximately 22 acres of oceanfront property, features a full-service spa and fitness center, and more than 75,000 square feet of indoor and outdoor meeting space, the largest in Kona.
“The Sheraton Keauhou's high barrier-to-entry location on Kona's Coast, unmatched views of the Pacific Ocean, and proximity to Hawaii Volcanoes National Park, make this property an exceptional acquisition at the current trading price,” said John Strauss, a managing director for Jones Lang LaSalle Hotels. “Despite a period of significant market decline on the Big Island, the market has begun to rebound as demand from both group and leisure travellers begin to return to the Hawaiian Islands.”
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 2010, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on $4.1 billion worth of transactions globally. In addition, advisory and valuation services were provided on over 1,000 assignments. The global team comprises over 210 hotel specialists, operating from 37 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 70 publications in 2010 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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