Jones Lang LaSalle Hotels announced today that it has acquired ThompsonCalhounFair Hotel Brokerage, the leading hotel real estate broker and advisory firm for select service hotels.The firm’s three founding principals, H. Keith Thompson, Al Calhoun and Mark Fair will continue to operate the business under the Jones Lang LaSalle Hotels platform as managing directors of the firm’s Select Service Division. All employees and agents of ThompsonCalhounFair will stay on under the new structure.
Founded in 2000, the principals of ThompsonCalhounFair have collectively sold over 350 hotels in more than 35 states at an aggregate value in excess of US$4.0 billion. Jones Lang LaSalle Hotels, named the most active broker of large US hotels for transactions valued at more than $25 million by Real Estate Alert earlier this year, will continue to operate its luxury and upscale advisory and transaction business as before.
For Jones Lang LaSalle Hotels, whose global transaction volume soared to $5.2 billion last year, the expansion of the business through a select service division represents an immediate and strong entrée into a previously untapped market. The firm has built its global business on arranging sale and financing transactions of luxury and upscale properties, a market segment which represents 9% of U.S. hotel properties. The inventory of midscale and limited service hotels in the U.S. represents 43% of U.S. hotels, more than quadrupling the playing field for Jones Lang LaSalle Hotels.
“The acquisition of ThompsonCalhounFair Hotel Brokerage enables Jones Lang LaSalle Hotels to offer an important resource to our existing clients with diverse hotel portfolios that include both upscale and select service assets.Ê Likewise, we are looking forward to providing ThompsonCalhounFair’s clients with a broader array of services,” said Arthur Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels.Ê “We were immediately attracted to ThompsonCalhounFair due to the strong track record of the firm, the integrity of its people, its strong client roster and the similar corporate cultures of our two firms.Ê Keith, Al and Mark operate their business in much the same way as Jones Lang LaSalle Hotels, with an emphasis on client service, long-term relationships and working as a team to add value to our clients.”
“Under the Jones Lang LaSalle Hotels platform, we intend to immediately expand the business into major markets such as Chicago, Dallas and the west coast,” said Al Calhoun, managing director for Jones Lang LaSalle Hotels’ Select Service Division, and former principal of ThompsonCalhounFair Hotel Brokerage.Ê “When Keith, Mark and I formed ThompsonCalhounFair in 2000, we had a vision of a hotel brokerage company that would bring institutional quality representation to the specialized transaction needs of select service hotel owners.Ê Our plan exceeded our expectations greatly due to our clients’ response to our unique way of marketing select service hotels.Ê It became apparent to us that to accelerate the growth of this proven concept, we would need to offer services, specialized research and global distribution channels that exceeded our immediate capability.Ê Jones Lang LaSalle was a first choice for us.Ê They have all of these strengths and their demonstrated dominance in the luxury and upscale markets will be a natural complement to our business.”