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Jones Lang LaSalle Arranges Sale of Sheraton Russell

Jones Lang LaSalle Hotels arranged the sale of the Sheraton Russell Hotel on behalf of Starwood Hotels & Resorts Worldwide, Inc. The hotel was purchased by Prudential Financial and SJP Residential Properties and will continue to be managed by Starwood. The 146-room boutique hotel is located on the prestigious Park Avenue, in the exclusive Murray Hill neighborhood, near the Fifth and Madison Avenue retailers, the Empire State Building, Broadway theaters and is within five blocks of Grand Central Station.
“New York hotels benefit from a diversified base of business and industry, as well as unparalleled appeal to domestic and international leisure travelers,” said Arthur Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels. “New York is the nation’s premier lodging market in terms of its RevPAR (revenue per available room) positioning.

“New York is in the midst of a tremendous surge in tourism,” said Alan Tantleff, executive vice president, Jones Lang LaSalle Hotels. “The recovery of average daily rates and occupancies is unprecedented.”

The New York economy continues to show positive trends. Employment levels have recovered and the leisure and hospitality sector is adding jobs. Regional indices of business and consumer confidence have also risen, and the tourism industry is benefiting from an increase in international visitors.