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JLL today announced the firm advised Host Hotels & Resorts, Inc. on the sale of two hotel assets located in the Providencia district in Santiago, Chile. The Sheraton Santiago and San Cristobal Tower, totaling 518 rooms, were acquired by the Inversiones Hoteleras investment fund, managed by LarraínVial AGF.
"This transaction illustrates the maturity of the hotel market in Latin America, as institutional-quality hotels continue to trade in the region involving both foreign and local investors. We are excited about the increase in high professionalism surrounding the hotel market in Latin America, with more REITs and private investment funds taking ownership of these assets,” said Carolina Lacerda, Vice President with JLL’s Hotels & Hospitality Group. “By working with our office in Chile, we were able to attract local and international groups to this opportunity and close with an investment fund that understands the local market and the hotel industry.”
"The successful completion of this agreement highlights our emphasis on understanding our clients’ goals and our deep knowledge of the hotel market. We are pleased to have supported a transaction involving two traditional hotels in Santiago, in the iconic industry of the Chilean capital,” said Marcelo Carrere, CEO of JLL Chile.
To learn more about the state of Latin America’s lodging market, download JLL’s recent whitepaper Impact of Economic Transformation on Latin America’s Lodging Industry.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling more than $68 billion worldwide. Between negotiating property deals, the group’s 350-person global team also closed more than 4,400 advisory, valuation and asset management assignments. To find out more visit: www.jll.com/hospitality
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About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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