ATLANTA — On behalf of The Generation Companies, LLC., Jones Lang LaSalle's Hotels & Hospitality Group today announced that the firm has secured $125 million in financing for a portfolio of 22 select service, extended stay hotels. The 2,528-room portfolio is positioned across key geographic locations, and will continue to be managed by The Generation Companies, LLC. A national bank provided the non-recourse, floating-rate financing.
“The Generation portfolio presented the lending community with a rare opportunity to finance diverse lodging assets that collectively provide strong, in-place cash flows. The sound reputation and established management track record of The Generation Companies attracted numerous lenders, but ultimately a national bank was selected,” said Grice. “The U.S. extended stay lodging segment’s performance continues to recover, with occupancy in many mid to upscale chains exceeding the 2006 pre-recession peak and projected RevPAR increases projected in the year to come.”
“It’s always been our vision to create value through the development and management of real estate intensive businesses. Successfully refinancing our 22-hotel portfolio allows us to capitalize on the inherent upside potential within these diverse hotel markets,” added H. Mark Daley, III, Founder and CEO of The Generation Companies. “The properties continue to show strong top and bottom line growth as the economy and hospitality industry continues to improve.”
The Generation portfolio is comprised of nine Candlewood Suites, seven Suburban Extended Stay Hotels, three Staybridge Suites, two Mainstay Suites and one Homewood Suites, with hotels located across Virginia, North Carolina, Florida, Tennessee, and Texas.
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
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. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
Contact: Katie Sershon
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