Representing the Royal Bank of Scotland Group plc, Jones Lang LaSalle's Hotels & Hospitality Group arranged the sale of the Renaissance Chicago Downtown Hotel. Carey Watermark Investors Inc. purchased the 553-key hotel for $139 million, representing the largest hotel transaction in downtown Chicago in 2013. Jones Lang LaSalle's Hotel Investment Banking team also assisted Carey Watermark Investors in arranging the acquisition financing.
JLL has now advised clients on two hotel sales and three financings in downtown Chicago over the past three months, signaling investors are keen to take advantage of the market's robust lodging fundamentals. It also represents the sixth full service Chicagoland hotel sale completed by JLL in 2013.
Located at the intersection of Wacker Drive and State Street, the property's highly-visible and centralized location caters to all types of visitors coming to Chicago including the corporate, convention and leisure markets. The hotel is situated within the downtown 'Loop,' just three blocks west of North Michigan Avenue and across the Chicago River from the city's foremost nightlife and entertainment neighborhood - River North. The Renaissance Chicago Downtown is one of Chicago's preeminent full-service hotels, featuring 35,000 square feet of meeting space, a spa and fitness center, and three food and beverage outlets.
Managing Director Adam McGaughy and Senior Vice President John Nugent led the JLL team on the sale of 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.
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