Jones Lang LaSalle Hotels to Sell the Sheraton Universal Hotel (United States)
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Jones Lang LaSalle Hotels to Sell the Sheraton Universal Hotel (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 2010-04-23
Unique investment opportunity adjacent to Universal Studios
Jones Lang LaSalle Hotels has been selected to exclusively market the 451-room Sheraton Universal Hotel located in Universal City, Calif., located approximately 10 miles from downtown Los Angeles.
The fee simple interest in the Sheraton Universal Hotel is being offered free-and-clear of its management agreement. The hotel presents an excellent opportunity for an investor to expand an existing Los Angeles presence or enter the market with a marquee asset.
“At 451 rooms, the Sheraton Universal Hotel is a rare chance for an investor to acquire a large block of rooms in a high barrier-to-entry submarket in Los Angeles,” said John Strauss, executive vice president for Jones Lang LaSalle Hotels. “The property also recently completed a $25 million renovation. All of its guestrooms and most of the public spaces have been significantly updated, and a new owner will be able to leverage this upgrade to drive revenues as the market recovers.”
The Sheraton Universal City is adjacent to Universal Studios, Los Angeles County’s most visited tourist attraction, and other high-profile demand generators including the Hollywood Walk of Fame. The property contains 451 guestrooms, 27,970 square feet of meeting space, The California’s – a signature restaurant, Mix – a high-energy lobby lounge, a fitness center, a business center, and outdoor pool and lounge.
“The hotel’s distinct ability to attract both leisure guests visiting Universal Studios as well as corporate travellers from surrounding firms, including world-famous movie studios, leads to an exceptional opportunity for increased cash flows,” said Arthur Adler, managing director and CEO – Americas for Jones Lang LaSalle Hotels. “With almost 28,000 square feet of meeting space, a new owner could also complete a comprehensive meeting space renovation to make this the premier group hotel in the San Fernando Valley and push ADR beyond historic levels.”
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