Regions Midwest | Chicago
JLL Hotels Arranges Sale of 3 Hotel Monacos 
Sept 17, 2008

Jones Lang LaSalle Hotels has announced the sale of the Hotel Monaco Chicago, Hotel Monaco Denver, and Hotel Monaco Salt Lake City on behalf of institutional clients advised by PREI--Prudential Real Estate Investors. The portfolio of assets was purchased by Cornerstone Real Estate Advisers L.L.C. for the Cornerstone Hotel Income & Equity Fund II L.P. (CHIEF II) for an undisclosed sum. The portfolio consists of the 192-room Hotel Monaco Chicago, the 189-room Hotel Monaco Denver, and the 225-room Hotel Monaco Salt Lake City. These three properties had cash flow with a combined RevPAR penetration exceeding 115 percent. The Jones Lang LaSalle Hotel’s team included Alan Tantleff, Tom Fisher in Chicago and John Strauss in Los Angeles. The acquisition financing effort was led by Ben Singer and Jeff Davis.

 
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