Jones Lang LaSalle's Hotels & Hospitality Group recently arranged the sale of the $24 million sale of the SpringHill Suites by Marriott Portland Hillsboro hotel. Purchased by RLJ Lodging Trust, the four-story, 106-suite hotel garnered a price of $226,000 per key.
The economic growth of the Portland area, and specifically Hillsboro's robust technology industry, continues to increase lodging demand in the market. The sale was arranged on behalf of an entity consisting of affiliates of CPA®:17 - Global, a publicly held non-traded REIT affiliate of W. P. Carey Inc., Watermark Capital Partners, LLC and Montclair Hotel Investors, Inc.
The property is located at 7351 NE Butler Street, just 12 miles west of downtown Portland. Built in 2004, the SpringHill Suites completed its $1.5 million capital improvement program in 2011. The all-suites hotel features a 24-hour fitness center, business center, indoor swimming pool and whirlpool, guest laundry facility and complementary shuttle service to Intel's Ronler Acres campus.
Managing Director Al Calhoun, Senior Vice President Mark Fraioli and Vice President Melvin Chu led the Jones Lang LaSalle team on this transaction.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
Logos, product and company names mentioned are the property of their respective owners.