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$100 million sale represents Argentina’s largest hotel transaction to date
JLL today announced it arranged the sale of the Sheraton Buenos Aires Hotel & Convention Center and Park Tower, A Luxury Collection Hotel, on behalf of Marriott International. Investment funds managed by PointState Argentum LLC purchased both hotels, located in Buenos Aires, Argentina, for approximately $100 million. This sale represents the largest hotel transaction in Argentina to date.
Following the acquisition, the new owner plans to completely renovate both properties to ensure these landmark hotels meet and exceed guests' expectations.
Managing Director Gregory Rumpel and Vice President Carolina Lacerda led the JLL team on the transaction, with local support from Senior Vice President Santiago Berraondo.
"This offering gave investors a rare opportunity to acquire 920 hotel rooms in one of the largest cosmopolitan cities in Latin America," said Lacerda. "Given the positive economic outlook for Buenos Aires and a myriad of demand drivers, both properties are well-positioned for future growth."
"Argentina's economic recovery in 2017, along with its expanding investment possibilities and a series of market-friendly reforms, has helped drive hotel demand to its highest level since 2011," said Berraondo. "We expect that the economy, and ultimately the demand, will continue to grow at a fast pace given new government policies, the entrance of new low cost airlines and implementation of tax rebates on lodging for foreign tourists."
The Sheraton Buenos Aires Hotel & Convention Center includes 740 guestrooms, three food and beverage outlets, nearly 70,000 square feet of meeting space, an outdoor pool with sun deck and sun bar, an indoor pool and two tennis courts. Park Tower, a Luxury Collection Hotel, features 4,443 square feet of meeting space, the St. Regis Restaurant and Lobby Lounge and a fully equipped gym. Both properties are located in the sophisticated Retiro district of Buenos Aires known for its exceptional shopping.
JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years globally, totaling more than $77.5 billion worldwide. Between negotiating property deals, the group's 350-person global team also closed more than 5,300 advisory, valuation and asset management assignments. To find out more visit: www.jll.com/hospitality.
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María Laura Rodríguez Nieto
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