Jones Lang LaSalle Hotels’ Select Service Division Closes Sale of El Prado Inn (United States)
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Jones Lang LaSalle Hotels’ Select Service Division Closes Sale of El Prado Inn (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 2009-02-26
On behalf of El Prado Inn, LLC, Jones Lang LaSalle Hotels’ select service division is pleased to announce the sale of the El Prado Inn to P & P Santa Barbara Hospitality Inv, LP. Located on State Street, near downtown Santa Barbara, the 68-guestroom hotel is a perfect choice for both leisure and corporate travelers. Having been open for almost 50 years, the El Prado Inn is well known in the community for its comfortable and spacious guestrooms, one of the largest pools in town, and its excellent proximity to local shopping and dining venues.
“The acquisition of this hotel provided the buyers the opportunity to make a strategic addition to their expanding Santa Barbara hotel portfolio,” said Jason Jones, a senior vice president for Jones Lang LaSalle Hotels. “With its superior location and amenities, the El Prado Inn has excellent long-term investment potential.”
“This hotel sale represents a great victory for our client given the liquidity concerns in the current debt markets. The lack of transaction inventory in Santa Barbara and strength of the buying entity both contributed to the successful outcome,” said Al Calhoun, a managing director for Jones Lang LaSalle Hotels.
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