Ten Midwest and Northeast full-service and limited-service water park hotels to be auctioned individually February 15 -17, 2011. Each property features a new water park component, upwards of 50,000 square feet, which is operated under the CoCo Key Water Resort brand, one of the largest indoor water park franchises in the United States.
Jones Lang LaSalle Hotels and its partner Auction.com announced the opportunity to acquire a collection of water park hotels either individually or as a portfolio via the firm’s online auction website. The hotel-only auction will be conducted from February 15 to 17, 2011. This is the second Jones Lang LaSalle Hotels exclusive hotel auction, which follows an extremely successful November auction event that cleared more than $300 million of hotels for various financial institutions.
The February auction portfolio consists of 10 full-service and limited-service water park hotels collateralized by assets that are strategically situated throughout key markets in the Midwest and Northeast. The hotels are affiliated with InterContinental Hotel Group, Marriott, Best Western or operated independently of a national franchise. Total replacement cost on this portfolio is estimated to be well north of $450 million. Starting bids range from $500,000 to $5 million per property.
“Given the recent improvement in hotel fundamentals, investor interest in the product type is extraordinarily high. The timing and size of this unique offering matches the current momentum in the market and investor dynamics well,” said Mark Fair, Managing Director, Jones Lang LaSalle Hotels.
Interested parties may visit www.jll.com/auctions or Auction.com for details or call 1 866 512 7503 for more information.
Auction.com is part of the REDC family of companies. Established in 1990, REDC pioneered the model for modern real estate auctions and transformed into the comprehensive real estate services company Auction.com. The company has established industry dominance by selling over $8 billion in real estate assets at auction since 2007. Additional services include asset management, residential loss mitigation and title insurance. Primary clients are residential and commercial mortgage lenders and builders. The company’s success is based on the aggregation of real estate assets that are marketed and sold in large format auctions across the country and online. Auction.com is headquartered in Irvine, California with offices in Dallas and New York.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels’ clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL).