Jones Lang LaSalle Hotels Selected To Sell LaGuardia Airport Hotel

Jones Lang LaSalle Hotels has been selected to market the 169-room Clarion LaGuardia hotel on behalf of Pacifica LaGuardia, LLC. The Clarion LaGuardia enjoys an excellent and irreplaceable location as the closest hotel to New York`s LaGuardia Airport, one of the nation`s leading airports in terms of passenger volume. The Clarion LaGuardia is being offered unencumbered by brand or management.

“This is a great opportunity to obtain a fee-simple interest in an asset with terrific and readily achievable expansion potential. The hotel`s ground-zero airport location positions it to benefit from LaGuardia`s record setting passenger volume and future redevelopment programs,” said Thomas Fisher, Senior Vice President of Jones Lang LaSalle Hotels. “Architectural plans are already in place for a 34-room expansion.”

According to Amelia Lim, Associate of Jones Lang LaSalle Hotels, the Clarion Hotel LaGuardia Airport has managed to buck the overall softening trend in performance impacting the lodging industry this year. “During the first six months of 2001, the property achieved a RevPAR increase of approximately 10 percent and an ADR increase of 3.4 percent compared to the same period in 2000, reflecting its strategic market positioning, recent renovations and continued high levels of lodging demand in the LaGuardia Airport lodging market,” added Lim.