Jones Lang LaSalle Hotels announced today that it has been engaged by Trizec Properties, Inc. to market the sale of the Renaissance Hollywood Hotel—one of Southern California`s premier hotel properties.
Opened in early 2002, the 637-room Renaissance Hollywood already has established itself as one of the top destinations in Los Angeles, featuring luxury rooms and suites, 50,000 square feet of state-of-the-art meeting facilities and a full array of first-class amenities. Located in the heart of the new Hollywood & Highland entertainment and retail complex, the Renaissance Hollywood has already hosted many world-class events, either on its own or in concert with the Kodak Theatre, Wolfgang Puck`s Grand Ballroom and other nearby venues. Event attendees and hotel guests also enjoy convenient access to some of the area`s finest restaurants, hottest nightclubs, and a unique shopping experience along one of the world`s most famous boulevards.
“We were pleased to be selected to bring this outstanding property to market,” said Art Buser, Managing Director and Head of West Coast Operations for Jones Lang LaSalle Hotels. “The fact that Trizec already was receiving unsolicited inquiries means that the market is ready for such an asset.”
He added, “The hotel will be priced on its bright future income potential. Its operating performance is still ramping up, as evidenced by year-over-year RevPAR growth of nearly 25 percent. Also the property greatly benefits from the marketing muscle of the Renaissance brand and the potential for franchise conversion in the near term. The discount to replacement cost at which the Renaissance Hollywood will trade also helps to make this one of the nation`s most attractive hotel investments this year.”
John Strauss, Vice President of Jones Lang LaSalle Hotels, said “The rebirth of Hollywood Boulevard, particularly the stretch that includes Hollywood & Highland has been extraordinary so far—with more to come. Already more than $1 billion has been committed for investment in improvements. Soon it will be comparable to “Santa Monica`s 3rd Street Promenade and New York`s Times Square. Now is the best time to invest here, to take advantage of what`s sure to be a strong future for Hollywood.”
Jones Lang LaSalle Hotels is the world`s leading hotel investment services group. Through its 18 dedicated offices and the Jones Lang LaSalle network of over 7,000 professionals in more than 100 key markets, Jones Lang LaSalle Hotels is able to provide clients with value added investment opportunities and advice.
Jones Lang LaSalle Hotels recent track record for the last two years included the sale of 13,994 hotel rooms to the value of US$1.4 billion in 48 cities and advisory expertise for 173,021 rooms valued at US$32.6 billion
across 343 cities.
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.