Jones Lang LaSalle Hotels arranged the sale of the Hyatt Richmond to The Procaccianti Group, a Rhode Island-based hotel management group that owns and operates mid to upscale full-service hotels. The property was sold on behalf of Lend Lease Real Estate Investments, Inc.—one of the nation`s largest real estate investment organizations. The Procaccianti Group plans to renovate the hotel and convert it to a Sheraton.
“Though Richmond recently experienced a 15 to 20 percent increase in hotel supply followed by a decrease in occupancy levels, we were able to receive numerous bids from investors who recognized the upside potential inherent in the hotel,” said Arthur Buser, Executive Vice President and Head of the West Coast office of Jones Lang LaSalle Hotels. “They recognized the enormous demand growth within the West End area and the greater difficulty in securing financing for additional hotel construction. The Procaccianti Group will be in the right place at the right time to take full advantage of this burgeoning market.”
“We were particularly impressed with the due diligence of The Procaccianti Group,” said Thomas Fisher, Vice President of Jones Lang LaSalle Hotels. “The deal included nuances and complexities that were atypical and required working with both buyer and seller to get the transaction closed.”
The Hyatt Richmond - formerly known as The Hyatt House - was the first full-service hotel in the West End of Richmond. The Procaccianti Group`s extensive renovation plans will position the property as one of the top three hotels in the market.
Jones Lang LaSalle Hotels, the leading hotel investment banking services group in the world, provides clients with value-added investment opportunities and advice. Jones Lang LaSalle Hotels` services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research. Jones Lang LaSalle (NYSE: JLL) is the world`s leading real estate services and investment management firm, operating across more than 100 key markets on five continents.