Jones Lang LaSalle Hotels announced the sale of a series of non-performing mortgage loans secured by a portfolio of 64 Red Roof Inn Hotels to Five Mile Capital.
This capitalization includes significant funding for renovations, positioning the company for strong profitable growth, robust development and expansion.
Red Roof announces the opening of their property in San Diego, California. Owned and managed by Ketan Patel, the hotel is located at 4545 Mission Bay Drive, less than one half mile from I-5 at exit 23.
Leading the company since April 2009, Alexander has increased the portfolio and size of the Red Roof brand significantly, enhancing its overall profitability by maintaining a premium of 14 percent revenue per available room (RevPAR) over the competitive set in the economy lodging segment.
Owned and managed by Chris Patel, the hotel is located at 100 Indian Center Court, at the intersection of US-11 and TN-93, less than one half mile from either highway.