Jones Lang LaSalle Hotels arranged the sale of the Embassy Suites Hotel Columbus on behalf of its client Minerva Park Partners, LLC to The Hotel Group Opportunity Fund II, LLC. The hotel will remain an…
Jones Lang LaSalle Hotels arranged the sale of the Embassy Suites Hotel Columbus on behalf of its client Minerva Park Partners, LLC to The Hotel Group Opportunity Fund II, LLC. The hotel will remain an Embassy Suites-branded property.
“The Embassy Suites Hotel Columbus enjoys an outstanding suburban location positioned between two of Columbus’ fastest growing sub-markets: Easton and Polaris. In addition, the hotel is located adjacent to Cleveland Ave where significant new office development is concentrated,” said Thomas Fisher, managing director for Jones Lang LaSalle Hotels in Chicago.
Columbus is the state capital and the third fastest-growing major metropolitan area in the Midwest. It is also enjoying a thriving tourism market. Hotels have posted a 10.4% growth in RevPAR during YTD May 2006, while air passenger numbers has continued to climb in 2006. Convention demand is set to grow 7% in 2006, reflective of Columbus’ ranking as the second most cost-effective location in the nation for corporate meetings, according to a recent survey by “GetThere.”
“The Embassy Suites Hotel Columbus has displayed tremendous financial growth over the last 12 months,” said Melinda McKay, senior vice president for Jones Lang LaSalle Hotels. “The recent renovation efforts and amenities like the complimentary breakfast, along with a shift to higher rated corporate business, will facilitate this growth, as the property maintains its strong occupancy while increasing rate.”
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