Jones Lang LaSalle Sells Ch‰teau Royal

Jones Lang LaSalle Hotels has arranged the sale of the
Ch‰teau Royal on behalf of Philadelphia-based equity investor Lubert Adler Real
Estate Funds.  The property was purchased by Cromwell Management, a Montreal based
private investor.The 124-suite property is located in downtown Montréal, Québec on Crescent Street; a
prime location for restaurants, bars and clubs, which is a popular destination for
tourists and residents.

“The Ch‰teau Royal represented a unique opportunity for the investor to acquire a
quality asset with tremendous upside potential in Montréal,” said Alan Tantleff,
executive vice president for Jones Lang LaSalle Hotels’ New York office. “The
hotel’s large all-suite configuration made it ideal to convert to a residential
property.”

“We are very pleased with the outcome of the transaction - Ch‰teau Royal will be the
first building in downtown Montreal to be converted to rental apartments in many
years,” said Alexandra Faciu from Jones Lang LaSalle’s Montréal office, who was also
instrumental in the transaction.  “This should bring some relief to a very tight
rental market and more alternatives to residential users.”
——-