Jones Lang LaSalle Hotels will market a four-property portfolio, free of management and franchise affiliations, in Washington, D.C. on behalf of AGCCM Hotels, LLC. The 502-key portfolio consists of the Canterbury Hotel, the Clarion Hampshire Hotel, the Quality Hotel & Suites Downtown and the Howard Johnson Plaza Hotel & Suites. All properties are clustered in the heart of Washington, D.C., within walking distance of one another.
“This is an exceptional opportunity to acquire a large concentration of guestrooms with significant upside potential in one of the strongest lodging markets in the nation,” said Arthur Adler, Managing Director, Americas, of Jones Lang LaSalle Hotels. “These hotels are available for purchase as a portfolio or individually, and all are prime candidates for upbranding and repositioning.”
Occupancy in the Washington, D.C. hotel market has increased to levels in excess of 70 percent, and average rates have posted a compound annual growth rate of 4.8 percent since 1994. For the five-year period between 1994 and 1999, RevPAR (Revenue Per Available Room) has increased at an average annual compounded rate of 5.8 percent.
According to Thomas Fisher, Senior Vice President of Jones Lang LaSalle Hotels, “Washington`s economy is projected to enjoy significant growth from recently completed, public/private partnership developments such as the MCI Center and the expansion of the Ronald Reagan Washington National Airport. A second, $800 million convention center, which will open in March 2003, will increase the city`s destination business significantly.”
Once completed, D.C.`s new convention center will be the sixth largest facility in the country and is projected to generate an additional $780 million into the local economy during its first five years of operation.
The hotels are proximate to Dupont Circle and the Golden Triangle Business Improvement District - popular areas for dining, shopping and entertainment. Cultural and tourist attractions including the Mall, Embassy Row, the White House, the Washington Monument and the original Convention Center are also nearby.
Industry-leading firms such as America Online, Lockheed Martin, Marriott International, Unisys and Worldcom (formerly MCI Worldcom) are headquartered in the Washington Metropolitan area. The District is also home to four of the world`s most influential financial institutions: The World Bank, The International Monetary Fund, The U.S. Export-Import Bank and The Inter-American Development Bank.