Jones Lang LaSalle Hotels arranged the sale of the leasehold interest in the Coast Long Beach Hotel on behalf of Boutique Hotel Company…
Jones Lang LaSalle Hotels arranged the sale of the leasehold interest in the Coast Long Beach Hotel on behalf of Boutique Hotel Company – Long Beach, LLC to locally-based, Ensemble Investments. The 195-room hotel is located on more than nine acres of direct waterfront property and neighbors the world-famous Queen Mary and new Carnival Cruise Line terminal.
As the new owners, Ensemble will benefit from the prominent location of the asset in a high barrier-to-entry market, given the lack of available land, strict zoning regulations and a cumbersome entitlement process, said John Strauss, a senior vice president for Jones Lang LaSalle Hotels in Los Angeles. In addition, they are well positioned to benefit from the local hotel market`s recent upswing, which on a RevPAR basis, posted close to a 9% gain in 2004 versus 2003.
The renaissance of downtown Long Beach and shoreline area will generate a boom for area, and especially waterfront, hotels, said Art Buser, managing director for Jones Lang LaSalle Hotels in Los Angeles. Downtown Long Beach is a dynamic center of commerce in the South Bay area of Los Angeles. The recent $2 billion in public and private capital investments have completely rejuvenated the Long Beach economy.
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