On behalf of an affiliate of Blackstone Real Estate Acquisitions V L.L.C., Jones Lang LaSalle Hotels has been selected to exclusively market for sale the Los Angeles Marriott Downtown…
On behalf of an affiliate of Blackstone Real Estate Acquisitions V L.L.C., Jones Lang LaSalle Hotels has been selected to exclusively market for sale the Los Angeles Marriott Downtown. “The Los Angeles Marriott Downtown is an extremely high-quality, investment-grade asset. The property’s oversized standard guestrooms and suites give it the best room product in downtown Los Angeles, and these units would even be the envy of hotels on the Westside,” said Arthur Adler, managing director and CEO – Americas for Jones Lang LaSalle Hotels in New York.
“Additionally, the hotel is being offered free and clear of management, which will allow a new owner to create additional value through aggressive revenue and expense management and the implementation of value enhancement strategies.”
“Downtown Los Angeles as both an urban city center and a hotel market is coming into its own,” added Arthur Buser, managing director, Jones Lang LaSalle Hotels in Los Angeles. “The city has seen a huge growth spurt in residential, retail and entertainment developments. Projects like the $1.5 billion LA Live development and Frank Gehry’s Grand Avenue Project will only add to downtown’s visibility and fuel additional hotel demand. The hotel is experiencing RevPAR growth of over 17% year-to-date through April, and the rest of the year looks very positive.”
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