Jones Lang LaSalle Hotels To Assist St. Louis Renaissance Hotel Bondholders to Maximize Asset Value Firm’s Strategic Advisory and Asset Management Experts Engaged to Oversee Foreclosed Hotel (United States)
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Jones Lang LaSalle Hotels To Assist St. Louis Renaissance Hotel Bondholders to Maximize Asset Value Firm’s Strategic Advisory and Asset Management Experts Engaged to Oversee Foreclosed Hotel (United States)
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Category: North America & West Indies / Carribean islands - United States
This is a press release selected by our editorial committee and published online for free on 2009-02-12
Jones Lang LaSalle Hotels announced today the firm’s Strategic Advisory and Asset Management experts are providing investment advisory and asset management services on behalf of the bondholders on the foreclosed St. Louis Renaissance Grand & Suites.
Jones Long LaSalle Hotels was engaged to maximize value recovery for the senior bondholders. The bondholders sought foreclosure of the hotel after ownership defaulted on a December payment. In a public auction completed Monday, the Bond Trustee, UMB Bank, N.A., obtained ownership of the hotel with the intention of stabilizing the asset and recovering the value of bondholders’ investment over time. Marriott will continue to manage the hotels under the Renaissance brand. Leading the Jones Lang LaSalle Hotels team are Strategic Advisory and Asset Management’s Bruce Stemerman, who heads the team, and Justin Epps, along with investment sales and financing expert Tom Fisher.
“With the auction now completed, bondholders can now lean on our team’s hotel expertise as we move quickly to work with Marriott and Renaissance to manage operating costs and revenues, stabilize the investors’ financial results and enhance the hotel’s value. These efforts will position this investment for a recapitalization and eventual disposition as performance of both this asset, the capital markets and the economy improve,” said Bruce Stemerman, managing director, Jones Lang LaSalle Hotels. “This is a unique situation as the bondholders are now in a strong position to hold this asset and rely on services provided by Jones Lang LaSalle Hotels to maximize the recovery of their investment.”
“Jones Lang LaSalle Hotels is uniquely qualified to advise on situations like this one because of our integrated investment approach and our expertise in maximizing value of lodging real estate. We also have significant expertise working with Marriott and Renaissance and will bring an extensive array of hospitality advisory services to benefit the bondholders,” said Arthur Adler, managing director and CEO, Americas, Jones Lang LaSalle Hotels.
The Renaissance St. Louis Grand & Suites is a 1,083 room historic property located in downtown St. Louis adjacent to the St. Louis Convention Center and Dome. The hotels features the Larry Forgione fine dining restaurant, An American Place and the Historic Crystal Ballroom, which has panoramic views of the city and hosts major social event in St. Louis. The hotel underwent a complete renovation, conversion and expansion in 2003 and subsequently opened as a Renaissance branded property.
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