Jones Lang LaSalle Hotels’ Select Service Division Announces Sale of Country Inn & Suites Charlotte (United States)
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Jones Lang LaSalle Hotels’ Select Service Division Announces Sale of Country Inn & Suites Charlotte (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 2008-05-22
On behalf of GF Management, Jones Lang LaSalle Hotels’ select service division is pleased to announce the sale of the Country Inn & Suites Charlotte to SNS Hospitality. The 100-guestroom hotel features an indoor/outdoor swimming pool, 31 one-bedroom suites, eight whirlpool-suites and five executive-suites.
The hotel is located in northeast Charlotte within the University City area, one of the fastest growing submarkets in Charlotte. The area is home to major employers including IBM, Wachovia, TIAA-CREF, the Wall Street Journal, Duke Energy, Merck and Michelin. Attracting tourists as well, the property sits in close proximity to the University of North Carolina Charlotte, Verizon Wireless Amphitheatre, Concord Mills, and Lowe’s Motor Speedway.
The University City area, currently home to more than 130,000 people, has almost tripled its population since 1990 and its popularity continues to fuel growth. It is estimated that the population will increase another 24% in the next 18 months.
“This was a fantastic opportunity for the buyer to acquire a six year old property in a market with significant upside potential,” said Ros Mallory, a vice president for Jones Lang LaSalle Hotels. “Due to the development in the area, the hotel has experienced strong growth over the last few years. We expect that trend to continue as Charlotte remains one of the nation’s most attractive and fastest growing markets.”
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