CHICAGO (November 21, 2000) – Strategic Hotel Capital, an upscale, global hotel investment company based in Chicago, today announced that its U.K. affiliate has reached an agreement to sell the first class London St. Ermin’s Hotel, anticipating the transaction closing late January, 2001. Strategic Hotel Capital purchased the 290-room hotel in 1998.
“This sale is in line with our stated goals of selling assets that we feel are not in keeping with our long-term strategic objectives. We remain committed to our focus on luxury properties in major European, Asian and U.S. cities,” said Strategic Hotel Capital CEO Laurence Geller. “We will continue to acquire hotels that fit our criteria; large hotels managed by a select group of preferred operators,” he added.
“The sale represents the largest transaction in the London market this year,” said Robert Seabrook, senior vice president, Jones Lang LaSalle Hotels, London who acted on behalf of Strategic Hotel Capital in the sale. He added that “2000 has generally seen owners holding onto their assets and enjoying strong income growth, however, Strategic Hotel Capital saw an exit opportunity to realize the hotel’s growth in capital value since their acquisition of the property in 1998.”
The St. Ermin’s is a historic four-star hotel in the heart of the Westminster tourist area in central London. It is close to Westminster Abbey, Houses of Parliament, Buckingham Palace, Queen Elizabeth II Conference Center, Victoria Railway Station, New Scotland Yard and St. James Park, and is only a short walk from Mayfair, a major shopping district.
In addition to its 290 guest rooms, the hotel contains two restaurants, three lounges, and approximately 14,000 square feet of meeting and banquet space.
A privately held firm founded in 1997, SHC targets upscale and luxury hotels on a global basis for acquisition. Since its inception, SHC has assembled a portfolio of properties in the United States, Mexico and Europe.
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Jones Lang LaSalle Hotels is the largest and most qualified specialist hotel investment banking services group in the world. Through its 18 dedicated offices and the global Jones Lang LaSalle network of 6,000 professionals across more than 100 key markets in almost 35 countries, Jones Lang LaSalle Hotels is able to provide clients with value added investment opportunities and advice.
Jones Lang LaSalle Hotels recent two year success story included the sale of 17,027 hotel rooms to the value of US$2.2 billion in 75 cities and advisory expertise for 200,036 rooms to the value of US$29.8 billion across 278 cities. Jones Lang LaSalle Hotels’ services include transactions, mergers & acquisitions, financial advice & capital raising, valuation & appraisal, asset management, strategic planning, operator assessment & selection
and industry research.
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