On behalf of Stevens Creek Developments, Jones Lang LaSalle Hotels is pleased to announce they have arranged a $13.6 million construction loan in connection with a planned 154-guestroom Sheraton Hotel to be built in Augusta, Georgia.
Scheduled to open in 2009, the Sheraton Hotel Augusta will be located on a seven acre site at 1075 Stevens Creek Road. The five story hotel is ideally situated one-quarter mile from Interstate 20 and just two miles from the Augusta National Golf Club.
“The project’s sponsor was in need of additional capital sources, outside of their customary banking relationships, and Jones Lang LaSalle Hotels was able to identify multiple lenders that met our client’s needs,” said Adam Furth, a senior vice president for Jones Lang LaSalle Hotels. “This transaction demonstrates there is construction debt for quality hotel assets in smaller developing markets. The lending environment has become fairly challenging over the past year but we continue to have success in arranging for the financing of projects with strong sponsorship and quality franchise affiliations.”
Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide both the depth and breadth of advice required by hotel investors and hotel companies, through a robust and integrated local network. In 2007, Jones Lang LaSalle Hotels provided sale and purchase advice on 259 hotel transactions globally; representing a combined value of US$13.9 billion, a total of 54,763 hotel rooms in 84 cities. In addition advisory and valuation services were provided on 660 assignments globally for 182,048 rooms across more than 300 cities.
The global team comprises over 270 hotel specialists, operating from 31 offices in 18 countries. The firm’s advice is supported by a dedicated global research team, which produced over 45 publications in 2007 in addition to client research. Jones Lang LaSalle Hotels’ services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Their services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels’ clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com