Jones Lang LaSalle Hotels Announces Sale of Radisson Fort Worth South (United States)
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Jones Lang LaSalle Hotels Announces Sale of Radisson Fort Worth South (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2008-05-20
On behalf of Allegiance Hospitality, Jones Lang LaSalle Hotels is pleased to announce the sale of the Radisson Fort Worth South hotel to Chhatrala Hotels. The six-story, 247-guestroom hotel offers an indoor pool, fitness center, business center, a restaurant and 11,000 square feet of meeting space.
Fort Worth is part of the Dallas-Fort Worth Metroplex. The Metroplex continues to experience ongoing economic growth, ranking near the top in the nation. It also ranks among the top regions in the nation for number of conventions and meeting attendees. With many cultural and sports attractions, including seven major sports teams and 150 museums, Dallas-Fort Worth also has a strong base of tourism travel.
“The Radisson Fort Worth South represented an excellent opportunistic buy for Chhatrala, given they were able to acquire the property at a price below replacement cost with significant upside potential due to the continued growth in the Fort Worth market,” said Monty Levy, a senior vice president for Jones Lang LaSalle Hotels. “At the same time, our client Allegiance Hospitality was able to achieve an excellent return on its investment following its acquisition of the property several years ago and subsequent renovation and re-positioning of this asset.”
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