Jones Lang LaSalle Hotels Helps Special Servicers Market Troubled Assets
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Jones Lang LaSalle Hotels Helps Special Servicers Market Troubled Assets
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2009-11-18
Receivers and Special Servicers Place Distressed Hotel Assets On the Block
Following the stress and distress in the hotel industry, Jones Lang LaSalle Hotels has been very active in assisting balance sheet lenders as well as special servicers in assigning values and developing marketing strategies for bringing select hotels to the market. Within the last few months alone, Jones Lang LaSalle Hotels has brought to market several hotel offerings for a combination of banks, special servicers and receivers.
Among its newest offerings, Jones Lang LaSalle Hotels is now responsible for conducting due diligence and marketing for sale the following assets: the 306-room Maui Sands Water Park Resort in Sandusky, Ohio; the 275-room Crowne Plaza Cedar Rapids Five Seasons in Iowa; the 244-room Ramada Lansing Hotel and Conference Center in Michigan; the 120-room Value Place in Myrtle Beach, South Carolina; and the 197-room Ramada North Charleston hotel.
“This is the first of what we anticipate to be several waves of distressed hotel properties to hit the market. While we anticipate an acceleration of these types of assets to hit the market in 2010, we believe it will be marginal in comparison to previous market expectations,” said Mark von Dwingelo, a senior vice president for Jones Lang LaSalle Hotels.
“It is still apparent that the general prerogative of lenders is to extend or modify existing loans. With the continued deterioration of market fundamentals, however, we are starting to see an increase in borrowers negotiating a hand-over of the property back to the lender,” said Adam McGaughy, an executive vice president for Jones Lang LaSalle Hotels.
“With the capital markets still severely constricted, we have seen an increase in the need for advice and services on distressed assets, and our team is stepping up to the plate,” said Thomas Fisher, a managing director for Jones Lang LaSalle Hotels.
Investors interested in more information on these and other properties for sale may visit Jones Lang LaSalle Hotels’ select service division web site at www.jllhss.com.
Jones Lang LaSalle Hotels has marshalled its extensive expertise in all facets of commercial real estate to provide specialized services to clients that are affected by the current financial crisis through its value recovery services. Distressed property market services is just one of the service areas.
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