Jones Lang LaSalle Hotels has sold of a series of non-performing mortgage loans secured by a portfolio of 64 Red Roof Inn Hotels to Five Mile Capital. “This transaction attracted significant investor interest given the properties’ strong track record and the well-recognized brand affiliation,” says JLLH CEO Arthur Adler. “Five Mile Capital’s investment provided them with a unique opportunity to gain access to a large footprint of strategically located lodging assets with tremendous upside potential. The stabilization of the portfolio, coupled with the anticipation of continued economic recovery, is expected to bring the portfolio back to peak profit margins over the next several quarters.”
The portfolio crosses 24 states, concentrated primarily in the Southeast and Midwest. About half of the properties have been renovated within the last five years.
