Jones Lang LaSalle Arranges Sale of LA Marriott
MARCH 7, 2007. On behalf of its client, an affiliate of Blackstone Real Estate Acquisitions V L.L.C., Jones Lang LaSalle Hotels is pleased to announce the sale of the Los Angeles Marriott Downtown to LA Hotel Venture, a subsidiary of Namco Capital Group. The 469-guestroom hotel is located in the heart of downtown Los Angeles, a highly sought-after Southern California location.
The Los Angeles Marriott Downtown sits at the center of commercial activity within Southern California with its location proximate to Bunker Hill and Los Angeles' primary office space core. The hotel is well positioned to capitalize on the urban revitalization of downtown Los Angeles, with the recent redevelopment trend of loft-style conversions, condominiums, retail and cultural amenities.
Los Angeles is one of the largest hotel markets in the United States. The market benefits from a diverse base of demand including corporate rooms associated with entertainment and traditional industries, leisure demand drawn to the county's beaches and other world-renowned tourism generators and a large base of corporate and social group demand.
"Downtown Los Angeles is experiencing steady growth with RevPAR up almost 13% in 2006," said Arthur Adler, managing director and CEO - Americas for Jones Lang LaSalle Hotels. "The development of LA Live and Grand Avenue will accelerate hotel growth in this market."
"The Los Angeles Marriott Downtown offers excellent renovation potential. All the guestrooms have floor-to-ceiling windows, and half have four-fixture baths," said Arthur Buser, international director, Jones Lang LaSalle Hotels in Los Angeles. "Following a renovation, this first-class hotel could drive RevPAR in excess of its competitive set and continue to operate as one of the best-performing downtown hotels."
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 
