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JLLH arranges financing of the Wellesley Inn Atlanta Airport
On behalf of United Capital Corp., Jones Lang LaSalle Hotels announced they have arranged a $7.5 million ten-year fixed rate loan to recapitalize the Wellesley Inn Atlanta Airport. Built in 1971, the Wellesley Inn Atlanta Airport Hotel is a six-story, 191-key independently owned select service hotel.

“The property is a valuable asset due to its strong demand drivers such as proximity to the Atlanta airport, the Georgia International Convention Center, and numerous other leisure attractions,” said Adam Furth, a senior vice president for Jones Lang LaSalle Hotels. “The Atlanta hotel market is improving and STR estimates that room demand will increase to 33,000 rooms per night, making it one of the highest performing hospitality submarkets in the U.S. by 2011”

“The Wellesley Inn continues to demonstrate strong performance verses its competitive set in regards to occupancy, ADR and RevPAR,” said Furth. “All three indices for the property have shown significant growth and remain above the competitive set.”

Rania Deimezi - Tuesday, January 08, 2008