Jones Lang LaSalle Selected to Market Holiday Inn LAX
JANUARY 26, 2007. On behalf of LAX Airport Hospitality, LLC, Jones Lang LaSalle Hotels has been selected to exclusively market for sale the fee simple interest in the Holiday Inn Los Angeles International Airport. Located in one of the strongest real estate markets in the nation, the 405-guestroom hotel is being offered free-and-clear of management encumbrance.
"The Holiday Inn Los Angeles International Airport is an exceptionally well-performing asset in one of the most desirable hotel markets in the country. Los Angeles has been and continues to be a market that attracts a tremendous amount of interest from investors," said John Strauss, executive vice president for Jones Lang LaSalle Hotels in Los Angeles. "The Holiday Inn is strategically located on the Century Boulevard corridor with great visibility from Interstate 405, just minutes away from the Los Angeles International Airport, the fifth-busiest passenger airport in the world."
"This is an opportunity for investors to purchase a full-service, fee-simple asset with a consistently strong operating history," added Dorraine Lallani, senior vice president for Jones Lang LaSalle Hotels in Houston. "It is located in a high-barriers-to-entry market and is being offered at a significant discount to replacement cost, especially given the lack of developable land and today's high construction costs."
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