Office Rumors Swirling, Blackstone Buys 15 Hotels
1Even as rumors swirl that?Blackstone?is in talks for a $2.5 billion sale of Boston office properties, the firm has just snapped up a portfolio of 15 select service hotels?along the country?s east and west coasts. Financial terms of the deal were not disclosed.
JLL?managing directors?Mark Fair?and?Al Calhoun, along with senior vice president?Samantha Fisher?represented the seller,?OTO Development. The portfolio includes 1,856 keys across 15?hotels?located in Alabama, California, Connecticut, Florida, Pennsylvania, and metropolitan Washington D.C.
?This portfolio is recognized as one of the highest quality select service portfolios on the market and received a great deal of interest from numerous investors,? says Fair. ?The assets were aggressively pursued, showcasing the appetite investors have for select service portfolios with scale for institutional capital. The portfolio features diverse geographic locations, including seven properties in high barrier to entry markets in Southern California.?
From top-performing submarkets to urban centers with high barriers to entry, JLL reports investors are keen on select service?hotel?properties?especially when this variety comes in the form of a portfolio. Select Service?hotel?trades increased 145% during the first eight months of 2013 and this momentum has continued into 2014, according to JLL?s research.
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Source: Jennifer LeClaire (2014). Office Rumors Swirling, Blackstone Buys 15 Hotels, GlobeSt 1 published Apr 03, 2014. Viewed Apr 07, 2014.