Jones Lang LaSalle Hotels has arranged the sale of the leasehold interest in the Hotel Pacific in Monterey, California to buyer, Not On Cannery Row LLC, a consortium of San Francisco based investors, for approximately $150,000 per room.
Coastal Hotel Group will continue to manage the property. The sale of this property completes Jones Lang LaSalle HotelsÂ' disposition of the five-property California coastal boutique hotel portfolio, as well as The Marshall House in Savannah, GA, on behalf of UBS Warburg.
'Five out of six hotels in this portfolio were sold prior to September 11,' said Vice President John Strauss of Jones Lang LaSalle Hotels who was instrumental in the deal. 'This sale was delayed in light of the terrorist attacks, which obviously caused investors and lenders to pause and re-think their strategies. Once the general marketplace solidified, interest by both groups rebounded.'